Hang Seng Bk says to cut HK prime rate 25 bps

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HONG KONG, Nov 9 (Reuters) Hang Seng Bank <0011.HK> said on Friday it would cut its best lending rate in Hong Kong to 7 percent from 7.25 percent.

The new rate will come into effect on Monday, a spokeswoman from the bank said.

The bank last changed its best lending rate last week, when it cut its prime rate by 25 basis points after the U.S. Federal Reserve cut its benchmark interest rates by a quarter percentage point.

A further drop in Hong Kong interbank rates this week prompted the latest cut, analysts said.

REUTERS BJR GC1223

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