Hong Leong Bank to raise base rate, base lending rate


Hong Leong Bank group managing director and CEO Domenic Fuda

KUALA LUMPUR: Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will be revising the base rate (BR) and Islamic base rate (IBR) to 2.88% from 2.63% following the latest increase in Bank Negara’s overnight policy rate (OPR) by 25 basis points.

In a statement, the banking group said loans and financing based on the base lending rate (BLR) and Islamic Financing Rate (IFR) will be revised to 5.89% from 5.64%.

These changes will be effective from May 17, 2022.

Group managing director and chief executive officer Domenic Fuda said: “With economic activities steadily resuming in Malaysia, supported by the continuous recovery in global economic and trade activities, some adjustments to the degree of monetary accommodation would help to avoid risks of financial instability by balancing both the need to grow the economy and keeping a check on a rapidly rising inflation rate.

“The revised rates are still competitive for investments and consumption in stimulating the Malaysian economy, particularly SME and Corporate borrowers who are looking to strengthen and expand their business.”

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Hong Leong Bank , Base Rate , BLR , Bank Negara , OPR

   

Next In Business News

SC launches SRI-linked Sukuk Framework
Bursa ends 1H on a disappointing note, KLCI closes 7.26 points lower
Malaysia's banking system remains well capitalised to support economic recovery
ASB 3 Didik unitholders get RM300mil total income distribution
KSK Land: 8 Conlay charts steady progress, secures RM30mil penthouse buyer
MR DIY continues to provide affordable prices despite economic drawback
HSBC appoints Karel Doshi as commercial banking business head in Malaysia
Opec+ meets with little prospect of pumping more oil
Gold set for worst quarter in five as dollar dominates
AmInvest launches Sustainable Series- Health Fund

Others Also Read