KUALA LUMPUR: Malayan Banking Bhd is lowering the interest rates
for loans and savings by 20 basis points with effect from Friday.

It said the base rate (BR) will belowered by 20
basis points from 3.20% per annum to 3% per annum while its base lending rate
(BLR) will also be revised from 6.85% to 6.65% per annum.

The
Islamic base rate and base financing rate will be reduced by 20 basis points to
3% per annum and 6.65% per annumn respectively from 3.20% and 6.85% previously.

The
move by the country's largest bank followed Bank Negara Malaysia's (BNM)
unexpected move to reduce the Overnight Policy Rate (OPR) by 25 basis points to
3% at its Monetary Policy Committee (MPC) meeting, citing rising risks from
Britain's exit from the European Union.

BNM
said the ceiling and floor rates of the corridor for the OPR were
correspondingly reduced to 3.25% and 2.75% respectively.

In
a statement issued on Thursday, Maybank's group president & CEO, Datuk
Abdul Farid Alias said the revision in Maybank's rates will benefit borrowers
as all loans/financing pegged to the base rates or BLR/BFR would also be
adjusted accordingly.

"This
revision will assist existing and potential borrowers contend with the current
challenging environment and help spur economic and business growth in the
country," he said.

"We
believe it will also support the government's efforts to ensure that the
domestic economy can continue on a steady growth path."

In
line with the reduction in BLR/BFR and base rates, Maybank's deposit rates will
also be revised downwards by up to 20 basis points.

The
last revision in Maybank's BLR was in July 2014 when it was raised by 25 basis
points to 6.85% per annum.