Thai Kasikornbank to cut retail and overdraft lending rates
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Kasikornbank Pcl, Thailand’s fourth-largest lender, will cut its minimum retail and minimum overdraft rates by 25 basis points (bps) on April 25, it said in a statement.
The cut, which follows similar move by Bangkok Bank on Thursday, is aimed at helping the bank’s small and medium-sized (SME) business and retail customers who have been hit by the slowing economy, the bank said.
Kasikornbank is among the top four lenders that cut their minimum lending rate (MLR) by 25 bps on April 5.
Questions & Answers
Q.Which specific lending rates will Kasikornbank reduce?
Which specific lending rates will Kasikornbank reduce?
Kasikornbank will cut its minimum retail lending rate and its minimum overdraft rate. Both rates will be reduced by 25 basis points as of April 25.
Q.What is the reason behind Kasikornbank's decision to cut rates?
What is the reason behind Kasikornbank's decision to cut rates?
The bank stated the rate cut is intended to support its small and medium-sized business and retail customers. These customers have reportedly been negatively impacted by the slowing economy.
Q.Have other major banks also recently lowered their lending rates?
Have other major banks also recently lowered their lending rates?
Yes, Kasikornbank's rate reduction follows a similar move by Bangkok Bank on Thursday. Kasikornbank was also among the top four lenders that cut their minimum lending rate (MLR) on April 5.
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