KUALA LUMPUR, May 10 (Bernama) -- In response to Bank Negara Malaysia's (BNM) Overnight Policy Rate (OPR) decrease of 25 basis points from 3.25% to 3.00% on 7 May 2019, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 25-basis points reduction in its Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates. Similarly, loans and financing based on Base Lending Rate (BLR) and Base Financing Rate (BFR) respectively will be reduced by 0.25%. The 0.25% reduction across the board is to help achieve the corresponding effect of monetary policy transmission intent by BNM's Monetary Policy Committee. All rate changes will take effect on 15 May 2019.

Group CEO, CIMB Group, Tengku Dato’ Sri Zafrul Aziz said, “The OPR cut will encourage investments and consumption to spur the Malaysian economy. Most importantly, our corresponding 0.25% reduction in applicable rates will ease the burden of borrowers, particularly in the face of current challenges in the domestic economy due to spillover effects from fresh US-China trade tensions and global uncertainties."

About CIMB Bank

CIMB Bank is the consumer banking arm of CIMB Group, offering retail and commercial banking services.

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is now present in 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Sri Lanka, Korea, the US and UK.

CIMB Group has the most extensive retail branch network in ASEAN of around 780 branches as at 31 March 2019. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage around 600 stocks in the region.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM49.3 billion as at 31 March 2019. The Group has over 36,000 employees located in 16 countries.

Source: CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Suria Zainal
Head
Group Corporate Communications
CIMB Group Holdings Berhad
Tel: +603 - 2261 0638
Email: suriawati.zainal@cimb.com

--BERNAMA