CIMB bank in Malaysia has said it expects structured products sales to help raise up to MYR3bn ($937m) in deposits in 2008. Last year, it raised MYR2.5bn ($781m) across all deposits.
“Structured deposits are hugely successful, as they are designed to protect investors’ capital from market volatility, while at the same time providing a higher yield than fixed deposit rates," CIMB’s head of retail banking Peter England told local journalists today.The bank plans to launch around five structured deposits in 2008, and hopes to secure about 250,000 active internet banking users for its new product, Clicks Trader, a special account that enables individuals to buy and sell stocks online via CIMB Clicks.
England added that investors who trade through the Clicks Trader account would enjoy the lowest brokerage fee in the market, at MYR8.88 ($2.8) per matched order.
“We are confident that more customers will switch to the internet for their trading convenience as well as the low-cost,” he said. CIMB Clicks also offers retail investors access to realtime share prices, equity research reports and portfolio management services.
