New structured deposit product from CIMB

  • Business
  • Saturday, 10 Mar 2007

PENANG: CIMB Bank Bhd will introduce a new structured deposit product, which is a conventional type with minimum capital investment of RM10,000, next month. 

Its consumer sales and distribution head, Sulaiman Mohd Tahir, said this would be the group’s fifth structured product. 

“There is presently a shortage of such products, which guarantee the return of the principal sum. 

“There are investors who do not want to lose the principal in their investments. Our structured deposits are targeted at such investors,” he said at the launch of the first CIMB Bank and CIMB Islamic branch in Penang yesterday. 

Sulaiman Mohd Tahir and Nicol David at the launch of the first CIMB Bank and CIMBIslamic branch in Penang.

World Squash champion Nicol David officiated at the event. 

Sulaiman said the Islamic structured deposit product, All-Stars Global Restricted Mudharabah Structured Investment-i, launched in January, generated about RM700mil in investments in just over a month. 

Other CIMB structured deposit products include Star Select and All Stars Global. 

Sulaiman said CIMB’s re-branding exercise would be completed by August. 

“Presently, we are in the process of converting the 38 Southern Bank and Bumiputra-Commerce Bank branches in Penang into CIMB branches.  

“This exercise should be completed in April,” he said. After that, it would work on the 150 branches in the south and east coast, he said, adding that all the 76 branches of the two banks in Kuala Lumpur had already been converted.  

 CIMB :  [Stock Watch]  [News]

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