EWUB – COVID-19 – business continuity & safety measures
Dear clients and partners,
We would like to take an opportunity to update you on measures taken by the bank in the face of COVID-19 situation, as well as reassure you of continued bank’s operations and high levels of service.
Firstly, in order to ensure business continuity, we’ve put in place a number of measures that will allow us to provide an uninterrupted service. We implemented tools for remote working for a vast majority of the bank’s team. A separate reserve team is set up for critical functions that cannot be performed through distance working. A detailed Business Continuity Plan (BCP) is in place providing for a range of scenarios. Finally, the Management Team is dedicated to constantly monitor the situation and adapt actions accordingly.
Secondly, even during these challenging market conditions, our healthy cash and liquidity buffers ensure that our financial position remains strong, as we have always maintained a prudent capital and liquidity profile as part of our Risk Appetite. This can be evidenced by our solvency ratio remaining at around 30% and a regulatory liquidity coverage ratio (LCR) averaging around 140%. Because of this, our bank will be able to withstand even a prolonged period of severe stress.
Thirdly and importantly, we are taking additional safety measures to protect our employees. This includes homeworking, restricting international travel, reducing face-to-face meetings to a bare minimum, cancelling conference attendance as well as encouraging enhanced hygiene measures.
In summary, bank’s management is vigilantly monitoring the situation and is fully committed to ensuring stability of the bank’s key operations in the interest of its clients. We will do our best to provide our customers with the level of service they are used to and to preserve operational and financial stability of the bank.
During these difficult times, our hearts and minds are with those impacted by the virus, be it individuals or businesses. We sincerely hope that you remain healthy and optimistic during this challenging period, which will surely pass.
Thank you for your business and loyalty!
East-West United Bank