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Interest Rate Cuts by Bank of Asia could Trigger Competitive Action.
Jun. 7--Bank of Asia yesterday cut all of its lending and deposit rates by 25 basis points, a move that could spark a new round of competitive rate cuts by other banks.
The cuts reduce the bank's savings rates to 1 percent from 1.25 percent, with fixed-deposit rates from three to 12 months cut to 1.25 percent. Minimum lending rates were cut to 6.75 percent, with minimum retail rates cut to 7.75 percent and minimum overdraft rates cut to 7.25 percent.
Bangkok Bank said it was still considering whether to reduce its rates.
"If other banks cut rates, there is a chance for us to follow. We ...
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Source: HighBeam Research, Interest Rate Cuts by Bank of Asia could Trigger Competitive Action.