KUALA LUMPUR: Hong Leong Bank (HLB) and Hong Leong Islamic Bank will be reducing its base rate (BR), Islamic base rate (IBR), base lending rate (BLR) and Islamic financing rate (IFR), effective tomorrow, in line with the Bank Negara’s move to cut the overnight policy rate by 25 basis points (bps) to 1.75%.
It would be reducing the BR and IBR to 2.63% from 2.88% while the BLR and IFR would be lowered to 5.64% from 5.89%.
“Similarly, the board rates of its fixed deposits will be revised lower by 25 bps as well, ” it said.
Group managing director and chief executive officer Domenic Fuda (pic) said the journey to recovery and rebuilding resiliency in the business and household sectors would take some time despite the easing of restrictions and businesses as well as social activities moving back towards pre-Movement Control Order (MCO) period.
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