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Malaysia: Public Bank, RHB Bank and HLB revise rates
KUALA LUMPUR: Following MALAYAN BANKING BHD
’s (Maybank) footsteps, three other major banks have also revised their base rate and base lending rate downwards by 25 basis points, in line with the reduction in the overnight policy rate by Bank Negara.
They are Public Bank, RHB Bank and Hong Leong Bank.
Maybank was the first bank in the country to reduce its base rate and base lending rate by 25 basis points after Bank Negara announced its overnight policy rate (OPR) cut by 25 basis points to 2.50% from 2.75%.
Meanwhile, Public Bank and its Public Islamic Bank would also reduce its base rate and base lending rate by 0.25% effective March 6.
The bank said it was timely to ease the borrowers’ burden and spur Malaysia’s economic growth amid the ongoing economic challenges from the Covid-19 outbreak.
“Public Bank will continue to proactively manage its assets and liabilities to ensure interest rates are priced responsibly at all times for the benefit of its customers, ” it said in a press release issued yesterday.
Similarly, Public Bank’s fixed deposit rates will also be adjusted by 0.25% effective March 6.
Moreover, RHB Bank Bhd, RHB Islamic Bank Bhd and RHB Investment Bank Bhd will also push downwards its base rate to 3.25% from 3.50% per year, and will also revise the base lending rate to 6.20% from 6.45% per annum effective March 9.
RHB Bank said that its fixed deposit rates will also be revised downwards by 25 basis points.
HONG LEONG BANK BHD and Hong Leong Islamic Bank Bhd also announced they will reduce the base rate and Islamic base rate to 3.38% from 3.63% effective March 6.
Similarly, Hong Leong Bank said its loans and financing based on the base lending rate and Islamic financing rate will be lowered to 6.39% from 6.64%. The board rates of its fixed deposits will also be revised lower by 25 basis points as well. Hong Leong Bank group managing director and chief executive officer Domenic Fuda said the revised OPR cuts would provide some respite for borrowers, especially for small and medium sized enterprises (SMEs), corporates and individuals affected by the Covid-19 outbreak.
Source: https://www.thestar.com.my/business/business-news/2020/03/05/public-bank-rhb-bank-and-hlb-revise-rates