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EON Bank name change on the cards



The bank will re-look the name change issue in the second quarter of next year in line with its aspiration to be a lender that offers innovative products and services


EON Bank Bhd, traditionally known for its car financing services, may change its name as early as the second quarter next year to better reflect its aspiration.

The bank wants to be known as one of the country's leading lenders that offer innovative products and services. It also wants to be known as an efficient, customer-focused and relationship-driven financial institution.

"We have been looking at this very seriously. We have discussed it at the board level for at least two times.

"But for the rest of this year, there won't be any change in the name. We will re-look it in the second quarter of next year," EON Bank head of group consumer banking, Michael Lor Chee Leng, said in an interview in Kuala Lumpur.

Lor said the bank's main priority at present is to transform itself internally by improving its service, relationship with customers and efficiency.

"We must have a franchise before we name a franchise. Otherwise, it will be just another branding exercise," he said.

The company is now giving its branches a new look that will enable customers to enjoy a warmer and more relaxed interaction with staff members.

It has allocated RM30 million this year to refurbish 30 banks and build five more branches. The refurbishment of all of its branches is expected to take about three years.

"We did a research and our customers said they hoped EON Bank would be more vibrant. They want its service to be more refreshing. We want to make EON Bank more prominent in the market in three years," Lor said.

The lender will focus on understanding its customers and innovation in product development to win market share.

Its recent "Cash Surprise 2" campaign, in which customers stand a chance to win up to RM500,000 cash simply by saving, has shown positive results. Since its launch in June, it has attracted more than 47,000 new depositors.

Lor believes that the response will overtake that to its "Cash Surprise 1" campaign last year, which brought in about RM1 billion in deposits and about 150,000 new depositors.

The bank expects to sign up 200,000 new depositors, amounting to RM1.8 billion in deposits by the end of January next year.

It also sees encouraging results for its debit card launched early this year, registering more than 30,000 cardholders to date.


By Goh Thean Eu

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