November 7, 2019 / 7:21 AM / 13 days ago

Thai SCB cuts deposit, loan rates by 25 bps from Friday

BANGKOK, Nov 7 (Reuters) - Siam Commercial Bank said on Thursday it would cut its deposit and retail loan rates by 25 basis points, effective on Nov. 8, following the central bank’s policy easing.

The bank’s minimum retail rate will drop to 6.87%, it said in a statement, without giving details on deposit rates.

SCB is the first bank to follow the Bank of Thailand’s decision on Wednesday to reduce its policy rate by a quarter point to 1.25%, a record low last seen during the global financial crisis. (Reporting by Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Muralikumar Anantharaman)

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