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February 25, 2020 -Tuesday

 
  CIMB ANNOUNCES REDUCTION IN RATES

Thursday 23/01/2020


Tengku Dato' Sri Zafrul Aziz, Group CEO, CIMB Group



KUALA LUMPUR, Jan 23 (Bernama) -- In response to Bank Negara Malaysia's (BNM) Overnight Policy Rate (OPR) decrease of 25 basis points from 3.00% to 2.75% on 22 January 2020, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 25-basis points reduction in their 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 30 January 2020.

Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, said, ““The OPR cut is timely in view of benign inflation and other modest key economic indicators. The Malaysian economy’s steady growth is expected to be supported by this latest move by Bank Negara to set the nation’s economic expansion on a firmer trajectory, moving forward. Current macro-economic challenges, in particular the ongoing US-China trade negotiations, look set to remain a threat to the growth of emerging economies, including Malaysia’s. We hope the 0.25% reduction in applicable rates will not only ease the burden of borrowers, but also spur further lending, investments and consumption to support the country’s economic growth.” 

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 approximately of 720 branches as at 30 September 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 of 950 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 RM48.9 billion as at 30 September 2019. The Group has around 36,000 employees located in 16 countries. 

SOURCE: CIMB Group

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

--BERNAMA 

 
 
 

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