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KUALA LUMPUR: Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will reduce their Base Lending Rate (BLR) and Islamic Financing Rate (IFR) by 55 basis points from 6.5% to 5.95% from Feb 3.

In a statement issued on Wednesday, Hong Leong Bank said the cut in the BLR followed Bank Negara’s move to cut the overnight policy rate by 75 basis points on Jan 21.

“The reduction of BLR/IFR would translate into lower cost of financing for our customers and businesses,” it said.

It added the lower borrowing costs would support the central bank’s objective to promote domestic economic activities.

http://biz.thestar.com.my/news/story.asp?file=/2009/1/28/business/20090128181535&sec=business