Hong Leong Bank eyes 30 pct market share for Mach FD

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PETALING JAYA: Hong Leong Bank Bhd (Hong Leong Bank) expects its newly-launched fixed deposit product, Mach FD, to double its market share to 30 per cent in 24 months.

Group managing director Datuk Yvonne Chia said the Mach FD was the  first-of-its-kind fixed deposit product specifically designed with flexibility in mind to cater to the technology-savvy Gen Y market (those born after 1980).

“With the Mach FD, customers can manage their account from anywhere via www.hongleongconnect.my.

“It also allows them to make partial withdrawals when the need arises without forfeiting the interest earned to date,” she said at the Mach FD launch at Sunway Giza Mall here, adding that depositors would experience a banking space with cosy atmosphere more akin to their favourite cafe hangout.

They can also use mode placement, combining cheque deposit and intra-bank transfer of funds from their money box deposit account.

In conjunction with the launch, customers who deposit a minimum of RM10,000 from yesterday until March 7 could enjoy a higher interest rate of four per cent per annum.

Chia said Hong Leong Bank would be opening 20 Mach FD branches nationwide.

The Sunway Giza Mall branch is the fifth branch, and biggest so far, with the other branches at the Mid Valley Megamall, e@Curve, 101 Mall and Paradigm Mall.

There are plans to open new branches at Sunway Pyramid and KLIA 2 in the Klang Valley, while Penang, Johor Baharu and Kuching would be the next regions to have a Mach FD branch, she added.