HLB offers new retail deposit product

HLB personal financial services CEO Moey Tan was eying to surpass 6 percent to 8 percent average growth for the market.

Hong Leong Bank Bhd (HLB), which currently has US$8.62 billion deposits, is aiming for a double-digit retail deposit growth with the introduction of the Hong Leong Flexi FD Account, according to The Star Online.

"We currently have about 8.7 percent market share of retail deposits and are ranked No. 3.

"We hope with the introduction of this new innovative product, our target will be achievable in 12 months," Tan said on 15 September after the launch of the Flexi FD Account.

Tan said the product was the first in the market with an intelligent cash management feature, and also the first for HLB to allow early partial fixed deposit (FD) withdrawal and the flexibility to withdraw at any HLB branch nationwide.

"Customers today are looking to maximise their hard-earned savings in a trusted bank and the launch of Flexi FD Account is part and parcel of the bank's drive towards offering quality products and services, bearing consumers' best interests in mind," she said.