EON Bank sees East Malaysian contribution to hit 35 to 40 per cent of its total sales
KUALA LUMPUR: After a number of consistent campaign launches since the start of 2010, EON Bank Bhd (EON) once again set out to blaze a new trail for its wealth management products by launching its Power of Love campaign here yesterday.
John Wong
EON’s special festive campaign, which falls inline with the Chinese New Year and Valentine’s Day celebration, has collaborated with Uni.Asia Life Assurance Bhd (Uni.Asia) in providing their customers the savings plan called Wealth Plus.
“With a solid and caring product like Wealth Plus, we are confident with our target to raise RM10 million in sales at the end of the three month campaign period, contributing to the total goal of RM200 million for our entire bancassurance segment this year,” said EON’s chief executive officer, Michael Lor at the campaign launch.
According to EON’s head of wealth management and liabilities for group consumer banking, John Wong, “East Malaysia is expected to contribute 35 to 40 per cent to the total sales target of RM200 million for this year,” he told The Borneo Post.
He added that their sales target would focus on two of their wealth management products, namely their unit trust and bancassurance.
“In East Malaysia, major contributions to EON have been coming from Sibu and Kota Kinabalu but we don’t see why this year should remain the same,” explained.
Wong and added that East Malaysians were cash rich and it would be a matter of tapping into the people’s interest.
Last year, EON’s wealth management products raked in an approximate RM105 million in sales, which translated into a growth of 21 per cent.
“For 2010, we are targeting to grow an estimated 90 per cent for the bancassurance, with much of the focus on Single Premium products and Mortgage Reducing Term Assurance (MRTA),” said Wong.
He added that EON started to move into the East Malaysian market roughly five years ago and he saw a huge potential to be derived from the market opportunities as well as in terms market penetration.
EON is in the planning stage to incorporate additions to one or two of their existing branches in order to be able to service their high-network customers, those who have deposits of over RM200,000.
They are also in the planning stages to open roughly four more EON branches nationwide but specific locations remains undetermined.
The Power of Love campaign, with its Gold Pendant and Ang Pow giveaway, will be opened to customers who sign up for EON’s Wealth Plus from now till April 13, 2010 with a minimum premium of RM1,800.
By saving RM10,000 annually for 20 years, customers will be getting over RM360,000 in returns at the end of the 20-year term.
Uni.Asia’s chief executive officer, Ooi Say Teng, during his speech told that, “This allows customers and their loved ones to be confident that funds are secured and final pay out is assured.”