Executive director and chief executive officer Badlisyah Abdul Ghani said the group hoped to collect RM200mil in 2009.
“We think EcoSave will achieve tremendous growth because we are Malaysia’s second most popular banking website with 1.3 million registered Internet users, 50% of them active,” he said at the virtual launch of EcoSave, a Mudharabah (profit-sharing concept) and environment-related savings account yesterday.
Peter England (left) and Badlisyah Abdul Ghani posing for the virtual launch of "EcoSave Account".
EcoSave is a paperless, online account that offers an attractive indicative profit rate of 0.5% per annum from the very first RM1, and enables customers to contribute towards the environment and be rewarded for their efforts.
It was designed to operate with minimum damage to the environment. Account holders will not have passbooks or printed statements and are encouraged to perform their banking transactions online via CIMB Click’s banking portal, automated teller machines, and cash and cheque deposit machines. CIMB will not promote this product through the printing media. In fact, yesterday’s press conference was done online.
CIMB Bank Bhd head of retail banking Peter England said when people did not go to the banks; they did not use petrol and thus helped reduce carbon emission.
In order to reward customers for their efforts, he said EcoSave account holders who did not perform any over-the-counter transactions and maintained a minimum average balance of RM3,000 for the month would receive a cash incentive, or hibah, of RM5 each month.
“In addition, the group pledges to contribute RM2 for every RM1,000 deposit towards environment initiatives and activities. We will work closely with non-governmental organisations on environmental issues through energy-saving and recycling activities,” he said.
England said the group had not experienced a slowdown due to its continued strong loans and deposits growth. However, he said, credit card spending was showing some slowing trend, which he attributed to consumers adjusting their spending or taking a more sensible approach.
Badlisyah said at the moment CIMB was working with the Global Environment Centre because it had a long track record on community projects in Malaysia. “Customers will be updated via our quarterly e-newsletter on the upcoming environmental projects and will also be invited to participate directly.”
To open an EcoSave account, it only required RM20 and this little step would go a long way towards “protecting our future,” he added.