CIMB drops mortgage floor rate hike after customer furore

Singapore

CIMB Bank Singapore is backtracking on its intended mortgage floor rate hike, following pushback from incensed customers who have banded together to challenge the bank's earlier decision.

In a statement issued late on Wednesday, CIMB said that it will revert to its original floor rate of 0.1 per cent - down from a planned hike to 0.9 per cent - for all its existing consumer mortgage loans pegged to the one-month and three-month Singapore interbank offered rate (Sibor) and three-month Swap offer rate.