Business

Wednesday September 16, 2009

New product to drive HLB retail deposit growth


KUALA LUMPUR: Hong Leong Bank Bhd (HLB), which currently has RM30bil deposits, is aiming for a double-digit retail deposit growth with the introduction of the Hong Leong Flexi FD Account.

Personal financial services chief operating officer Moey Tan said the target would exceed the average industry growth for retail deposit of 6% to 8%.

“We currently have about 8.7% market share of retail deposits and are ranked No. 3.

“We hope with the introduction of this new innovative product, our target will be achievable in 12 months,” she said yesterday after the launch of the Flexi FD Account.

Hong Leong Bank group managing director and chief executive Yvonne Chia (left) and Moey Tan at the product launch.

Tan said the product was the first in the market with an intelligent cash management feature, and also the first for HLB to allow early partial fixed deposit (FD) withdrawal and the flexibility to withdraw at any HLB branch nationwide.

“To maintain our strong foothold in the competitive deposit market, HLB is again bringing value innovation to the marketplace.

“Customers today are looking to maximise their hard-earned savings in a trusted bank and the launch of Flexi FD Account is part and parcel of the bank’s drive towards offering quality products and services, bearing consumers’ best interests in mind,” she said.

She added that the product offered an innovative way of managing FD, current and savings accounts all at the same time.

The new account is a 12-month FD designed with highly innovative features to provide customers with monthly interest crediting, which is further compounded every month in the Flexi One Account to earn higher interest rate.

The Flexi One Account is automatically opened for the customer together with Flexi FD Account and this comes with the convenience of a cheque book and daily savings interest.

Excess funds above RM30,000 in the Flexi One Account will be automatically moved once monthly to the Flexi FD to earn the customer high 12-month FD interest rate.

At the same time, if a customer issues a cheque and has insufficient funds in the Flexi One Account to pay for the cheque, his funds from the Flexi FD Account will be drawn and automatically transferred into Flexi One Account in multiples of RM3,000 to cover the cheque as long as he has adequate funds.

To start the account, customers need to deposit at least RM30,000 at any HLB branch and the 12-month FD interest is at the prevailing board rate of 2.5% per annum.


HLBANK : [Stock Watch] [News]

  • E-mail this story
  • Print this story