CEO Message April 2020

I understand that this message comes during a challenging period, with the evolving COVID-19 pandemic. I wanted to provide you with an update and let you know that we’re here to support you; our customers, partners, communities and charitable organisations. While these are difficult times, I’ve seen a lot of little miracles everywhere these last few weeks – in our team and beyond – in terms of people working together and helping each other. This kindness, generosity and humanity gives me great optimism as we move forward. 

Safeguarding your health and well-being

As updates about the pandemic continue to develop, our customers and people are our priority. We’ve introduced a number of precautionary measures to limit the potential impact of the virus and we continue to respond proactively, following the advice of the Australian Federal Government and health authorities.

We’ve increased hygiene measures for staff and customers within our branches and we’re encouraging the use of our Internet Banking services for non-cash transactions.

As I write this, our workforce is spread out in a split-team strategy. We have more than 50% of staff working from home, whilst others have been spread across our branch network to ensure contingencies for critical team members.

Support for customers who are financially affected.

We’re committed to providing our customers with the support they need, with more care and empathy than ever.

If you’ve been impacted by COVID-19, the following options may be available to you:

• Short term deferral of loan repayments
• Temporary facility conversions from Principal and Interest to Interest Only repayments
• Extended loan terms to reduce ongoing repayments
• Debt consolidation/restructuring

For more information, please visit our Financial Hardship page or give us a call on 13 95 00.

Internet Banking made easy.

I recognise that getting to a branch may not be an option for you right now. You can conduct most of your banking – including checking your balances and making transfers and payments – quickly and easily via Internet Banking.

Strong and sustainable banking.

I want to reassure you that Bank of Sydney continues to provide strong and sustainable banking, despite this economic climate. Bank of Sydney is an Australian Authorised Deposit Taking Institution (ADI) regulated by bodies such as APRA and ASIC and as such, continues to operate with strong financial provisions.

Furthermore, as a proud member of the Australian Banking Association, we are fully compliant with the Banking Code of Practice – aligning to industry best practices for customer service, ethical behaviour and fair and responsible lending practices. We also continue to invest in providing better financial solutions and a stronger customer experience with further investment in digitisation technology and process improvement.

Thank you for your support and keep well.

Finally, I’d like to thank all of our customers, communities and people for your understanding and cooperation during this challenging time. Please reach out if you have any questions about our approach or the support options available to you.

Lastly, and most importantly, I wish you all and your families health, happiness and peace this Easter and always.

Kind regards,

Miltos Michaelas

Chief Executive Officer