StanChart expects good loan growth this year
 

"STANDARD Chartered Bank Malaysia Bhd expects to register fairly good loan growth this year as it grabs the opportunity arising from the stable local mortgage market.

Malaysia, said the bank's country head consumer banking Shyam Srinivasan, "is the bank's home loan country" due to the high savings rate and the stable mortgage market.

"If we look at the industry in the first half of this year loan growth has been good and we expect continued good momentum uptake this year," he said.

Shyam said the growth is expected to be triggered by the number of new property launches so far this year, coupled with the recent government relaxation, added with the good economy Malaysia is experiencing.

"We expect commercial loans will be boosted too by the southern and northern corridor projects," he said after the launch of the bank's MortgageOne Optimiser in Kuala Lumpur yesterday.

Shyam said the MortgageOne Optimiser is a "revolutionary" home loan which allows customers to combine the value of their own deposit accounts to pay off their mortgage balances faster.

The product promises to reduce interest payment on the home loans and customers can also earn high interest-paying deposit account.

"And customers can manage multiple home loan and deposit accounts as one," he said, adding that the MortgageOne Optimiser is a money manager that helps customers to manage borrowings, deposits and transactions.

"It effectively links multiple accounts into a single platform so interest paid is minimised and interest earned is maximised," Shyam added.

There are three steps a customer has to go through once he or she has linked multiple home loan and deposit accounts, said Standard Chartered Malaysia mortgage and auto general manager Francis Loh.

"Firstly, all deposits balances will sweep to offset the highest interest loan and the balances will next sweep to offset the next highest interest loan. Any remaining funds from the deposit accounts will then earn from the deposit with the highest interest rate," he said.

Customers can link up to six loans and 29 deposit accounts."


By Roziana Hamsawi (roziana@nstp.com.my @ www.btimes.com.my)
http://www.btimes.com.my/Current_New...g.xml/Article/

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Standard Chartered Malaysia (http://www.standardchartered.com.my)