KUALA LUMPUR: AmBank Group will be announcing a revision to its base rate (BR) and base lending rate (BLR) sometime next week in line with Bank Negara Malaysia's (BNM) recent cut in the overnight policy rate (OPR) to three per cent from 3.25 per cent.
Business banking managing director Christopher Yap said the bank is currently consulting the necessary departments to determine the new rates.
“We will be announcing these rate revisions sometimes next week. What is important to note is that BNM had cut the OPR in order to float more money to the economy. As a bank, of course we want to support this initiative however we will have to do our due diligence first,” he said.
When asked how the bank would be impacted by changes to both its BL and BLR, Yap said that it is too soon to tell.
“There will of course be impact to our margins and asset liability, but that is of course too soon to tell. We will know more once we determine our rate revisions.”
Malayan Banking Bhd (Maybank) had become the first bank to lower its BL and BLR on Wednesday, following BNM's OPR reduction announcement.
Maybank’s BR will be lowered by 20 basis points from 3.25 per cent to 3.05 per cent while its BLR will be revised from 6.90 per cent to 6.70 per cent.