Australian banks step forward with funds to help tackle bushfire disasters
Big four lenders establish funds to support communities, fire services and wildlife
With devastating bushfires in Australian showing no sign of abating, the country’s four major banking groups are pitching in with financial support, albeit limited.
The bushfires raging through Australia have wiped out and devastated numerous communities and rank among the worst in the country’s history.
The four largest lenders in Australia namely, ANZ, Westpac, National Australia Bank, and The Commonwealth Bank of Australia, have been rolling out funds and grants to help alleviate the effects of the devastation on assets and lives.
Sydney-based Westpac is the latest bank to join the initiative by offering relief to individuals and businesses stricken by the fires.
On January 6, it announced the creation of a A$1.5 million (US$1.04 million) bushfire fund for customers and communities hit by the unparalleled destruction.
The Westpac fund includes A$500,000 in grants to immediately support customers and employees whose properties have been destroyed or damaged, A$300,000 to state-based volunteer fire services to continue to support the emergency workers on the front line, and A$250,000 to provide grants for impacted rural communities to support recovery and rebuild efforts.
The remaining funds will be allocated for rebuilding and recovery support as communities reestablish homes and businesses, as well as for the rescue and rehabilitation of wildlife.
The Commonwealth Bank of Australia announced it will donate A$1 million towards bushfire disaster relief efforts including A$750,000 worth of grants to help support local communities and replace facilities lost in the fires, as well as an A$250,000 donation to the Australian Red Cross.
In addition, the bank has extended its emergency assistance package that provides support to personal and business customers affected by the bushfires. The package includes loan restructuring and waiving of selected fees and charges.
National Australia Bank has also announced an A$1 million disaster relief fund to help people affected by bushfires across Australia.
NAB has created the fund to give customers and employees displaced from their homes ready access to cash, as well as support in the months ahead as communities work to reconstruct homes and businesses.
Melbourne-headquartered ANZ has similarly pledged an initial package of A$1 million for bushfire relief to support its customers and communities affected by the emergency which continues to unfold across Australia.
Social Media Links (This section can be seen in office only):
Twitter : https://www.theasset.com/article-single.php?id=39476&social=twitter
Linkedin : https://www.theasset.com/article-single.php?id=39476&social=linkedin
Facebook : https://www.theasset.com/article-single.php?id=39476&social=facebook