CIMB to unveil new products abroad

CIMB Group Holdings Bhd plans to introduce new Islamic products in Indonesia and Singapore next year through its Islamic
units in the two countries.

The
bank is looking at introducing Islamic wealth management products and
services as well as basic consumer banking products such as deposits for
the two countries.

CIMB Group's Head of Group Islamic Banking
Division Badlisyah Abdul Ghani said the new products would be introduced
in stages throughout the year.

CIMB Group holds a 97.9 per cent equity interest in its subsidiary, PT Bank CIMB Niaga Tbk.






In Singapore, the new product will be launched through the
Islamic window of CIMB Group’s branch, CIMB Bank (Singapore) Ltd.

"For
Indonesia, we already have many products including basic deposits. But
there is at present, limited Islamic wealth management products and
services available in the Indonesian market. We intend to fill the gap,"
Badlisyah said today.

As for Singapore, he said the bank had
identified the products to be introduced next year, but declined to
elaborate. "We see demand for the products that we intend to introduce
in Singapore," he added.

He said the Islamic units in Singapore
and Indonesia had been profitable, contributing about three per cent to
the bank's overall Islamic banking and financial regional business in
Asean.

"We want to grow this contribution but it all depends on the market readiness in the two countries," Badlisyah said.

He
said the bank would launch more Islamic products in the coming years in
sync with the plan to grow organically in all segments of its business
across Asean.

Badlisyah who is also the chief executive officer
of CIMB Islamic said that the bank would continue to enhance its cross
selling of existing products to increase market share.

CIMB Islamic is a unit of CIMB Group.

He also sees a better performance for CIMB Islamic next year compared 2011. -- BERNAMA