Hong Leong Bank and Hong Leong Islamic Bank Revises BR/IBR and BLR/IFR
Hong Leong Bank and Hong Leong Islamic Bank Revises
BR/IBR and BLR/IFR
Kuala Lumpur, 12 May 2022: Hong Leong Bank Berhad and Hong Leong Islamic Bank Berhad (“HLB” or the “Bank”) will be revising the Base Rate (“BR”) and Islamic Base Rate (“IBR”) to 2.88% from 2.63% following the latest increase in Bank Negara Malaysia’s Overnight Policy Rate (“OPR”) by 25 bps.
Similarly, loans and financing based on the Base Lending Rate (“BLR”) and Islamic Financing Rate (“IFR”) will be revised to 5.89% from 5.64%.
These changes will be effective from 17 May 2022.
During the course of the pandemic since January 2020, the Bank had reduced the BR/IBR and BLR/IFR four times, with the last revision done on 10 July 2020 to provide assistance and support for households and businesses impacted by COVID-19, to help in their journey towards recovery as well as rebuilding their financial resiliency.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said “With economic activities steadily resuming in Malaysia, supported by the continuous recovery in global economic and trade activities, some adjustments to the degree of monetary accommodation would help to avoid risks of financial instability by balancing both the need to grow the economy and keeping a check on a rapidly rising inflation rate.
“The revised rates are still competitive for investments and consumption in stimulating the Malaysian economy, particularly SME and Corporate borrowers who are looking to strengthen and expand their business.”