CIMB targets 15,000 customers for Prime Plan by year-end

Written by Bernama
Tuesday, 13 October 2009 23:41

KUALA LUMPUR: CIMB Bank expects to secure 15,000 customers for its newly launched CIMB Prime Plan by year-end and 100,000 customers next year, its head of retail banking Peter England said on Oct 13.

Prime Plan is an integrated value-added product bundling offering, designed to address the needs of young professionals, managers, working graduates and entrepreneurs, he said.

He expected the product, targeted at those in the lower mass affluent segment with monthly income of between RM7,000 and RM8,000 to be well-received as it was a comprehensive plan.

This group now comprises 8% of the bank’s total customer base of over 5.3 million.

England said the bank had introduced the Prime Account three years ago but did not really promote it.

He said to be a Prime Plan customer, one must have a Prime Account and CIMB Gold credit card or higher.

Prime Account is an interest-bearing account that offers various facilities, including daily ATM (automated teller machine) withdrawal of up to RM10,000, short messaging service alerts for selected transactions, consolidated statement and priority queuing at any CIMB Bank branch.

England said the Prime Account enabled customers to earn up to an additional interest rate of 1% per annum for a minimum deposit of RM200 per month, and Prime OD Line which offered standby overdraft facility for any fixed deposit placement that could be activated within three hours via the CIMB Prime Call Centre.

Other benefits, he said, included Home Financing option that allowed customers to reprice their housing loan rate every five years and enjoy preferential rate.

Customers could also earn bonus points for their banking relationship which could be combined and accumulated within their credit cards for greater redemption benefits, he added. — Bernama