Kuala Lumpur, 4 March 2020
Hong Leong Bank Berhad (“HLB”) and Hong Leong Islamic Bank Berhad (“HLISB”) will be reducing the Base Rate (“BR”) and Islamic Base Rate (“IBR”) to 3.38% from 3.63% following the latest reduction in Bank Negara Malaysia’s Overnight Policy Rate (“OPR”) by 25 bps.
Similarly, loans and financing based on Base Lending Rate (“BLR”) and Islamic Financing Rate (“IFR”) will be lowered to 6.39% from 6.64%. The board rates of its fixed deposits will be revised lower by 25 bps as well.
All rate changes will be effective from 6 March 2020.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said, “With the impact of Covid-19 now reverberating across the region and impacting the local economic conditions, this latest OPR reduction will provide some needed respite for borrowers, especially for the SME, Corporate and individuals directly affected by the outbreak.
This reduction in rates coupled with the recently announced BNM measures to assist businesses and households, plus the fiscal stimulus package, will help businesses and individuals weather this challenging period. We are encouraged by these measures taken to buffer the impact of Covid-19 and hope that it will bolster productivity, investments and consumption so as to stimulate the Malaysian economy as a whole.”
The Bank has initiated a Customer Financial Relief Plan in early February to provide support to its SME and Individual customers affected by the Covid-19 outbreak, including restructuring or rescheduling their loans and financing where this would help their cash-flow situation.