‘Consumer banking loan growth to stay at 7pc’
POCKETS OF GROWTH: CIMB says group not affected by ringgit fluctuations but taking steps to withstand headwinds
CIMB Bank Bhd expects to maintain its consumer banking segment loan growth at seven per cent this year.
Group consumer banking chief executive officer (CEO) Samir Gupta said the bank was also looking at a similar growth for the coming year.
“It is a challenging time right now but we still see pockets of growth,” he said.
“We have seen a growth of seven per cent for consumer segment loans and are optimistic at maintaining this growth for the rest of the year as well as next year.”
Samir said the group’s consumer banking had not been affected by fluctuations in ringgit, as all this had (From left) CIMB Bank wealth management and segments head officer (CEO) Sun Life Malaysia deputy CEO Fortier at the Pic by Mohamad Shahril Badri Saali
been factored in beforehand.
“We have seen the ringgit fluctuating even from 2014, so all this has been factored in. Eventually, the market will stabilise and we are taking prudent steps right now to withstand ongoing headwinds,” he added.
Samir and Sun Life’s deputy CEO Raymond Leo had earlier launched , Sun Wealth, CIMB Bank and Sun Life Malaysia’s latest insurance savings plan with wealth protection.
“This is the 43rd collaboration between CIMB and Sun Life and as of
the soft launch four months ago, we have sold RM21 million worth of premiums. We’re expecting to increase that to RM100 million by 2017 yearend,” said Samir.
“We are looking to launch more products next year, especially in syariah-compliant and life space as we have the potential in both markets.
“In fact, people are more keen to invest in life products during economically challenging times,” said Leo.
Sun Life Malaysia is a joint venture by Sun Life Financial Inc and Avicennia group consumer banking chief executive and chief risk officer Martin
in Kuala Lumpur yesterday. Capital Sdn Bhd, a fullyowned Khazanah Nasional Bhd investment holding company specialising in insurance and takaful.
CIMB Group, meanwhile, holds a two per cent stake in Sun Life Malaysia.
Through this collaboration, CIMB has some 800 policyholders, while Sun Life Malaysia has 1.5 million policyholders as at October.
CIMB was down nine sen to RM4.70 at the close yesterday, while TA Securities has placed a “buy” call with a target price of RM5.60.