HSBC Bank Canada drops prime lending rate to 2.95 per cent, matching others

VANCOUVER – HSBC Bank Canada says it will lower its prime lending rate by 50 basis points effective tomorrow.

The bank says in a statement the rate will be 2.95 per cent — down from 3.45 per cent.

The move matches actions by several Canadian banks and financial institutions Monday.

The Royal Bank, Toronto-Dominion Bank, Scotiabank, Bank of Montreal, CIBC and the Desjardins Group slashed their prime lending rates by 50 basis points to 2.95 per cent effective Tuesday.

National Bank, meanwhile, made the same cut effective Wednesday.

The drop matches the Bank of Canada’s decision last Friday to drop its key lending rate by the same amount to 0.75 per cent in an unscheduled rate decision amid the novel coronavirus outbreak.

This report by The Canadian Press was first published March 17, 2020.

Companies in this story: (TSX:RY, TSX:TD, TSX:BNS, TSX:CM, TSX:NA, TSX:BMO)