KUALA LUMPUR, May 6 (Bernama) -- In response to Bank Negara Malaysia's (“BNM”) Overnight Policy Rate (“OPR”) reduction of 50 basis points from 2.50% to 2.00% on 5 May 2020, CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) will effect a corresponding 50-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 0.50%. The 0.50% 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 13 May 2020. 
 
CIMB Group, said, “This third OPR cut for 2020 is essential to bolster the Malaysian economy amid the subdued domestic and global economies coupled with plunging oil prices. This step, together with the government’s economic stimulus package, will lower the cost of borrowings and boost spending power for individuals and businesses to eventually help spur the domestic economy. In doing our part, CIMB aims to help customers and communities tackle cash flow issues by providing various financial programmes, in line with government policies, during this most crucial period.”   
 
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: Lynn Guha Thakurta
Group Corporate Communications
CIMB Group Holdings Berhad
Email: lynn.thakurta@cimb.com

Name: Juanita Johari
Group Corporate Communications
CIMB Group Holdings Berhad
Email: juanita.johari@cimb.com 

--BERNAMA