KUALA LUMPUR, March 6 (Bernama) -- In response to Bank Negara Malaysia's (BNM) Overnight Policy Rate (OPR) decrease of 25 basis points from 2.75% to 2.50% on 3 March 2020, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 25-basis point reduction in their Base Rate and Fixed Deposit / Fixed Return Income Account-i Board Rates. Similarly, all financing facilities based on Base Lending Rate (BLR) and Base Financing Rate (BFR) will be reduced by 0.25%. The 0.25% reduction 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 9 March 2020.  

Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group, said, “This second OPR cut for 2020 reflects the crucial need to support the Malaysian economy in the face of a potentially prolonged disruption to economic activity due to Covid-19. We trust the OPR cut, coupled with the RM20- billion stimulus package announced recently, will bring better prospects for continued economic growth. The magnitude of the impact Covid-19 will have on the Malaysian economy remains uncertain. While the situation remains fluid, we are hopeful that actions taken by both the public and private sector will ensure businesses are well supported to ride through the current challenges. CIMB is doing its part to help our customers, which includes restructuring and rescheduling financing facilities, where necessary.” 

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 702 branches as at 31 December 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 RM51.1 billion as at 31 December 2019. The Group has around 35,000 employees located in 15 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