Hong Leong Bank and RHB Bank to cut BLR

PETALING JAYA : Following the downward revision of Bank Negara’s overnight policy rate (OPR) by 75 basis points on Jan 21, Hong Leong Bank group and RHB Bank group will reduce their base lending rates (BLR) and Islamic financing rates (IFR) by 55 basis points to 5.95% from 6.5% with effect from Feb 3.

Hong Leong Bank said in a statement the reduction in the BLR/IFR would translate into lower cost of financing for its customers and businesses and support Bank Negara’s objective of promoting domestic economic activities.

In a separate statement, RHB Bank group managing director Michael J Barrett said: “We want to be able to provide our customers with more financial support in these challenging times, and with this revision to our BLR and IFR, both existing and potential customers will be able to manage their loans without tightening their purse strings too much,”

Malayan Banking Bhd and CIMB Bank Bhd announced last Friday that they would cut their BLR by 55 basis points from 6.5% to 5.95% effective Feb 3.

(The Star)