Alliance Bank to reduce BR, BLR, BFR effective today

KUALA LUMPUR 15 July 2020 - Alliance Bank Malaysia Berhad (Alliance Bank) will reduce its Base Rate (BR), Base Lending Rate (BLR) and Base Financing Rate (BFR) by 25 basis points effective from today.

The bank’s BR will be lowered from 2.82% to 2.57% per annum while BLR and BFR from 5.67% to 5.42% per annum.

The revision applies to all existing loans or financing pegged to key rates mentioned. To align with these changes, the deposit rates will also be revised on the same effective date.

Alliance Bank in a statement today said, it is committed to helping its customers weather the impact of COVID-19 through various initiatives.

“Since March 2020, we have been providing assistance in the form of loan moratoria, loan restructuring and rescheduling, as well as Bank Negara (BNM) Special Assistance Funds to Small and Medium Enterprises (SME),” said the statement.

On 7 July 2020, BNM has decided to reduce the overnight policy rate (OPR) by 25 basis points to 1.75%.

It marked the fourth consecutive and recent low cut. The cut was steered by the severity of COVID-19 impact on nation’s economy as well as global.

Meantime, Group Chief Executive Officer of Alliance Bank, Joel Kornreich said, the bank is currently engaging the customers to offer payment relief assistance post-moratorium that is most suited to their needs.

“Public health concerns as a result of the pandemic has resulted in a shift in customer preferences for remote interactions.

“Given the circumstance, we are making it more convenient for customers to perform their transactions anywhere and anytime,” said him in the same statement.

Alliance Bank is poised to be the first bank in Malaysia to roll out an eKYC solution that enables fully digital opening of a savings account, and application for a credit card or personal loan, without having to visit a bank branch or be visited by a bank officer. – DagangNews.com