Scotiabank announced on Friday that it will be reducing its its base lending rate by 100 basis points to 16.75 per cent, effective December 1.

This will be the bank’s lowest base lending rate in over 25 years as well as the lowest lending rate among the major commercial banks locally. The rate reduction is the second announced by the bank for 2010.

“As one of the country’s largest and most successful financial services group we are again taking the lead in lowering rates and making loans more affordable to our customers, and this is reflective of our commitment to providing financial solutions that will stimulate business activity, thereby stimulating growth and development in Jamaica,” said Scotiabank Group president and CEO Bruce Bowen in a press release.

Scotiabank led the market by reducing its base lending on June 1, rate by over 200 basis points from 19.875 per cent to 17.75 per cent.

On August 1, NCB reduced its base lending rates by 300 bases points or three per cent, from 20.75 per cent, to 17.75 per cent.