Maybank further reduces base lending rate

KUALA LUMPUR (May 17): After a 20 basis points (bps) cut to its Base Rate (BR) and Base Lending Rate (BLR) just a week ago, Malayan Banking Bhd (Maybank) has reduced both rates by a further 5 bps each.

The cuts are effective today and reduce the BR and BLR to 3% and 6.65% respectively, the bank said in a press statement today.

“Similarly, Maybank’s Islamic BR and Base Financing Rate (BFR) will be reduced by another 5 bps to 3% and 6.65% respectively,” it added.

On May 8, Maybank announced it would revise both its BR and BLR down in line with Bank Negara Malaysia’s revision of its overnight policy rate (OPR) to 3% on May 7.

Its Islamic BR and BFR had also been lowered to 3.05% and 6.7% per annum, while its fixed deposit rates were adjusted down 20 bps.

Shares of Maybank closed up 4 sen at RM9 today to give the bank a market capitalisation of RM99.45 billion.

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