CIMB Islamic targets RM100m deposits in EcoSave by year-end
KUALA LUMPUR: CIMB Islamic Bank Bhd is targeting RM100 million in deposits by year-end and RM200 million next year for its EcoSave account, its chief executive officer Badlisyah Abdul Ghani said.
CIMB Bank Bhd head of retail Peter England added that the new savings account was expected to boost the growth of its Internet banking business.
“Our current Internet user base is 1.3 million, with around 50% being very active. We are growing tremendously and are now clearly the second most popular banking website in the country. We think Ecosave will play a part in our growth in this area,” he said.
On the effect of the current economic environment on banking transactions, England said: “At this stage we haven’t seen a great deal of difference. Our loans growth and deposit growth is still strong.
“But we are seeing some slowdown in credit card spending, so I think people are, to a large extent, just adjusting their spending under the circumstances. I think everyone is taking a sensible approach.”
He said the CIMB group would launch more products and services catered specifically to different interest groups, rather than broad products for everyone.
Meanwhile, Badlisyah said for every RM1,000 deposit, RM2 would be contributed to environment initiatives, with the bank working closely with environmental non-governmental organisations (NGOs).
“We are looking at working with as many NGOs as possible, and for the moment we are working closely with Global Environment Centre, because they have a long track record of community projects in Malaysia, which is in sync with our community-linked initiatives.
“Customers would be updated via our quarterly e-newsletter on upcoming environmental projects and will be invited to participate directly,” he said.
The EcoSave account is the first environment-related savings account in Malaysia which enables customers to contribute towards the environment, and be rewarded for their efforts.
It is a paperless, online account, and account holders will not receive a passbook or printed statements. Customers are instead encouraged to perform their banking transactions at the bank’s online portal, automated teller machines, and cash and cheque deposit machines.
With a minimum deposit of RM20, the account’s indicative profit rate is 0.5% per annum, and account holders who do not perform any over-the-counter transactions and maintain a minimum monthly average balance of RM3,000 will receive a cash incentive of RM5 each month.
