Malaysian banks race to get deposits

The race for deposits comes after CIMB Group Bhd, the second largest lender, fixed its fixed deposit rates at 3.4% for a 12-month tenure two weeks ago from 3.15% previously. Analysts described the rate set by CIMB as aggressive and could trigger another round of competition for low cost funds.

PETALING JAYA: Malaysian banks are racing to increase their stash of deposits amid concerns on rising loan-to-deposit (LD) ratios.

This comes after CIMB Group Bhd, the second largest lender, fixed its fixed deposit rates at 3.4% for a 12-month tenure two weeks ago from 3.15% previously.