Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will join other banks and lower its base rate (BR) and base lending rate (BLR) from today (July 29), following the reduction in Bank Negara Malaysia's overnight policy rate (OPR) by 25 basis points, as reported in TheEdgeProperty.com.my.

In a statement today, Hong Leong Bank said this revision of rates brings Hong Leong Bank's BR to 3.69% from 3.94% and BLR to 6.7% from 6.95%.

Concurrently, Hong Leong Islamic Bank's Islamic Base Rate will be revised to 3.69% from 3.94%, and its Islamic Financing Rate will be revised to 6.7% from 6.95%.

"In line with Bank Negara Malaysia's pre-emptive move to cut the OPR, this opportunity allows us to lower our rates to assist potential and existing customers with their borrowing costs, which in turn will further support the government's efforts to ensure domestic economic growth continues on a steady path amidst international uncertainties," said Hong Leong Bank group managing director Domenic Fuda.

"Together with the reduction in BR/BLR rates, Hong Leong Bank and Hong Leong Islamic Bank's deposit rates will also be revised down by 5 basis points to 30 basis points," he added.

At 4.29pm, shares of Hong Leong Bank fell 12 sen or 0.9% to RM13.16, for a market capitalisation of RM28.17 billion.