Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Six major lenders in Hong Kong, including three note-issuing banks - HSBC, Standard Chartered and Bank of China (Hong Kong) - have kept their prime lending and savings rates unchanged, even though the Hong Kong Monetary Authority (HKMA) lowered the base rate on Thursday. Analysts said commercial banks found it difficult to reduce lending rates further because savings rates were already close to zero, meaning any cut in prime lending rates alone would erode profitability. Hong Kong banks set their own inte ...