Kuala Lumpur, 15 July 2020 – Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) today announced that it will reduce its Base Rate (“BR”), Base Lending Rate (“BLR”), and Base Financing Rate (“BFR”) by 25 basis points effective 15 July 2020.
The Bank’s Base Rate will be lowered from 2.82% p.a. to 2.57% p.a., and Base Lending Rate and Base Financing Rate from 5.67% p.a. to 5.42% p.a. The revision applies to all existing loans and/or financing pegged to the Base Rate, Base Lending Rate, and Base Financing Rate. To align with these changes, the deposit rates will also be revised on the same effective date.
Alliance Bank 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 BNM Special Assistance Funds to SMEs.
“We are currently engaging our customers to offer payment relief assistance post-moratorium that is most suited to their needs,” said Mr. Joel Kornreich.
“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,” added Mr. Kornreich. 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.
For more information on the base rate, BLR and BFR revisions, please visit www.alliancebank.com.my.
