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.