KUALA LUMPUR (July 29): RHB Banking Group cut its base rate (BR) from 3.8% to 3.65% per annum and reduced its base lending rate (BLR) and base financing rate (BFR) from 6.75% to 6.6%. The revision followed an earlier cut on Bank Negara Malaysia's recent decision to reduce the overnight policy rate (OPR) from 3.25% to 3%.

In a statement today, RHB group managing director Datuk Khairussaleh Ramli said the further reduction in its rates was effective from today.

"We have made a further reduction in the BR, BLR and BFR to reflect the movements of the Kuala Lumpur Interbank Offered Rate (KLIBOR) in line with our BR framework, following Bank Negara's revision on the OPR recently.

"This is expected to benefit our borrowing clients positively," Khairussaleh said.

RHB had last week cut its BR, BLR and BFR by 10 basis points. On July 20, RHB announced that it would reduce its BR from 3.9% to 3.8% and cut its BLR and BFR from 6.85% to 6.75% following Bank Negara's OPR revision.

At Bursa Malaysia today, RHB Bank Bhd shares fell six sen or 1.2% at 2:36pm to RM5.09 for a market capitalisation of about RM20 billion. The stock saw 160,400 shares traded.