Public Bank cuts interest rates by 23 basis points

Public Bank has strong fundamentals and above-industry loan growth but pricey.

KUALA LUMPUR: Public Bank Bhd (PBB) is trimming its base rate and base lending rate/base financing rate by 23 basis points effective July 27, 2016, following the reduction by Bank Negara in the overnight policy rate (OPR).

This will bring Public Bank’s base rate to 3.52% and base lending rate / base financing rate to 6.72%.

“In line with the objective of the pre-emptive action by Bank Negara Malaysia to reduce the OPR, Public Bank reduces its lending and financing rates to pass on the benefits to the customers.

The move is poised to be a positive catalyst for the Malaysian economy to continue growing on a steady path amid increasing signs of moderating momentum in global economic growth,” founder and chairman Tan Sri Teh Hong Piow said in a statement.

“On a positive note, domestic demand as the main engine of the Malaysian economy will remain supported by monetary accommodativeness, healthy financial condition and stable inflation in the domestic economy,” he added.