Maybank cuts base rates by 25 basis points

KUALA LUMPUR (Jan 23): Malayan Banking Bhd (Maybank) is cutting its base rate (BR) and base lending rate (BLR) by 25 basis points (bps) tomorrow (Jan 24) following the central bank's reduction in the overnight policy rate (OPR).

In a statement, Maybank said its BR will be lowered to 2.75% per annum (p.a.) from 3%, while its BLR will be revised downwards to 6.40% per annum, from 6.65% p.a.

Its Islamic banking segment will also revise rates. Maybank's Islamic BR will be reduced by 25bps to 2.75% p.a. from 3% previously, with its Islamic base financing rate reduced to 6.40% p.a. from 6.65% p.a. previously.

The bank also noted that deposit rates will also be adjusted downwards by 25bps, also effective tomorrow.

"The last revision in Maybank's base rate was on May 17, 2019 when it was revised to 3.00% from 3.25%," Maybank said.

Bank Negara Malaysia cut the OPR by 25bps to 2.75% yesterday, from 3% previously.

Shares in Maybank closed four sen or 0.47% lower at RM8.51, valuing it at RM95.66 billion. The counter saw 5.8 million shares traded today.