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CIMB announces 25bps rate adjustments after OPR cut

KUALA LUMPUR (March 6): CIMB Bank Bhd and CIMB Islamic Bank Bhd are reducing their base rate and fixed deposit rate/fixed return income account-i board rates by 25 basis points, in line with the overnight policy rate cut announced by Bank Negara Malaysia on Tuesday.

Similarly, all financing facilities based on the Base Lending Rate and Base Financing Rate will be reduced by 0.25%, said CIMB Bank in a statement today, adding all the rate changes will take effect on March 9.

The announcement came after BNM made its second OPR cut in less than two months on Tuesday, when it reduced the key rate by 25 bps to 2.5% from 2.75%. It last adjusted the rate downward on Jan 22 to 2.75% from 3%.

“This second OPR cut for 2020 reflects the crucial need to support the Malaysian economy in the face of a potentially prolonged disruption to economic activity due to COVID-19. We trust the OPR cut, coupled with the RM20-billion stimulus package announced recently, will bring better prospects for continued economic growth,” said CIMB Group Holdings Bhd's group chief executive Tengku Datuk Seri Zafrul Aziz.

As the situation remains fluid, Zafrul said the banking group hopes that actions taken by both the public and private sectors will ensure businesses are well supported to ride through the current challenges.

“CIMB is doing its part to help our customers, which include restructuring and rescheduling financing facilities, where necessary,” he added.

CIMB shares slipped 4 sen to close at RM4.50 yesterday, giving it a market capitalisation of RM44.65 billion.

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