Kuala Lumpur, 27 November 2008
Following the downward revision of Bank Negara Malaysia's Overnight Policy Rate (OPR) by 25 basis points on 24 November 2008, Hong Leong Bank Berhad andHong Leong Islamic Bank Berhad, will reduce their Base Lending Rate (BLR) and Islamic Financing Rate (IFR) by 25 basis points from 6.75% to 6.5% witheffect from 1 December 2008.
The reduction of BLR/IFR would translate into lower cost of financing for our customers and businesses and will support the objective of Bank NegaraMalaysia in promoting domestic economic activities.
The above revision in BLR/BFR will have marginal impact to the net interest income of Hong Leong Bank, after taking into account the benefit enjoyed fromthe reduction in Statutory Reserve Ratio from 4.0% to 3.5% by Bank Negara Malaysia.
Press Release - 27/11/2008