KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd (Stanchart) and Standard Chartered Saadiq Bhd will increase their base lending rate (BLR) and base financing rate (BFR) respectively from 5.55% to 5.80% per annum, effective March 10.

In a joint statement here on March 9, the banks said the decision was made following Bank Negara Malaysia's announcement to raise its overnight policy rate to 2.25%.

Stanchart, a member of the Standard Chartered Group, was set up in Malaysia in 1875.

It provides a comprehensive range of financial products and services to corporates, institutions, small- and medium-sized enterprises and individuals through its network of over 30 branches nationwide. -- Bernama