Banif reduces base rate

Banif Bank (Malta) plc has decided to pass on part of the reduction in the ECB base rate to its clients. It will be reducing its base rate for home loans by 30 basis points, from 2.5 to 2.2 percent, with effect from next Monday. This will coincide...

Banif Bank (Malta) plc has decided to pass on part of the reduction in the ECB base rate to its clients.

It will be reducing its base rate for home loans by 30 basis points, from 2.5 to 2.2 percent, with effect from next Monday. This will coincide with the launch of its home loans package and in line with the differentiation strategy adopted by the bank, aimed to offer a high level of service centred around customers' needs.

Banif said it will be keeping its base rate unchanged for a number of products including deposits. The bank is doing this to continue paying competitive rates to depositors while reducing the base rate for home loans.

CEO Joaquim Silva Pinto said that although Banif was a small player, it was very sensitive to the local market and fully understood the needs of the clients. It was the bank’s policy to offer the best options to clients and not charge any fees for internet banking subscriptions.

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