Campaign to help EON Bank raise market share

  • Business
  • Tuesday, 10 Aug 2010

KUALA LUMPUR: EON Bank Group aims to increase its market share and new businesses in conventional and Islamic home financing, credit cards and deposits via a three-month RM1mil campaign.

The campaign starts August 2 and ends on October 31.

EON Bank head of mortgages and secured business (group consumer banking) Tracy Pan said the bank aimed to grow its market share in conventional home loan from 3% now to 5% in the next five years.

“We are targeting to get 2,000 new customers through this campaign,” she said at the launch of the LCD TV giveaway campaign yesterday.

Pan said the campaign covered conventional and Islamic products.

To qualify for free LCD TVs, Pan said new home-financing customers must have their facilities approved during the campaign period with a minimum financing amount of RM250,000 for properties under construction, completed residential properties or refinancing of completed homes.

“Currently, we have 600,000 credit card members and the bank is targeting to have 700,000 credit cardholders by the year-end,” said head of marketing for cards and unsecured lending Lim Gaik Lin.

Lim said the bank now had 6% market share in net receivables outstanding for credit cards.

EON Bank head of wealth management and liabilities Low Kee Fui said the campaign was targeting RM50mil in conventional deposits.

“We now have about RM9bil in conventional savings and current account,” he said.

He added that to qualify for the campaign, new customers needed to place an initial of RM1,000 while existing depositors could top up their account with a minimum of RM500.

EONCAP Islamic Bank Bhd senior vice-president of corporate planning Rizal Il-Ehzan said it was targeting RM300mil in new Islamic home financing under the compaign.

EONCAP Islamic is EON Bank Group’s Islamic banking arm.

“As at June, we have RM1.4bil Islamic home financing in our portfolio and our target is to achieve RM1.6bil by the year-end,” he said.

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