Kuala Lumpur, 23 January 2020
In line with the recent reduction in Bank Negara Malaysia’s Overnight Policy Rate (“OPR”) by 25 bps, 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 3.63% from 3.88%.
Similarly, loans and financing based on Base Lending Rate (“BLR”) and Islamic Financing Rate (“IFR”) will be lowered to 6.64% from 6.89%. The board rates of its fixed deposits will be revised lower by 25 bps as well.
All rate changes will be effective 31 Jan 2020.
“The OPR reduction will lower the burden of borrowers in general and also encourage investments and consumptions in stimulating the Malaysian economy, particularly SME and Corporate borrowers who are looking to strengthen and expand their business, “ said Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB.