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Bank of East Asia, which initially left its interest rates steady, said on Friday it would now follow its peers such as HSBC and Standard Chartered Bank and cut lending rates, amid a fierce industry battle for loan business. BEA, Hong Kong's fifth-largest lender, said it had lowered its best lending rate by 12.5 basis points to 5 percent with immediate effect.
The bank also cut its standard savings rate on Hong Kong dollar deposits to 0.01 percent from 0.125 percent.

Copyright Reuters, 2004

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