AMBANK Group has embarked on an exercise to upgrade its services for its customers in order to deliver its brand promise, spending about RM600 million, of which a large amount will go towards upgrading its core banking system.
The RM600 million expenditure was incurred beginning April 1.
It is also utilising about RM10 million for its brand repositioning exercise.
The exercise will also see AmBank group focusing more on the emerging affluent market.
“We are looking to tap the rising affluent market as well as holding on to our existing affluent customer base.
“We have already launched five Signature branches dedicated to the affluent and 50 more Prime branches, targeting the rest of our costumers base but with some of the services which Signature offers,” said its group managing director Ashok Ramamurthy at the launch yesterday.
Group chairman Tan Sri Azman Hashim was also present at the launch that saw the unveiling of the bank’s new tagline “Your Bank. Malaysia’s Bank. AmBank”.
The group also introduced its new online initiative called “Malaysia’s Resume”, slated to go live on October 16.
Ashok said the group launched the campaign internally in April this year and it will run for three years.
“Our current emerging affluent market share has increased from seven per cent to 12 per cent, but the affluent market would be a fraction of that. Our intention is to grow our market share in the emerging affluent while meeting the needs of the existing affluent.
“The campaign would definitely increase our market share within the emerging affluent segment,” he said.
On another matter, the AmBank group has a “Plan B” up its sleeves should the ongoing Hwang-DBS (M) Bhd acquisition talks fall through.
“The HwangDBS talk is still ongoing,” confirmed Ashok. “The only thing I can comment on is that HwangDBS has given exclusivity to Affin Holdings Bhd and that’s already in the press.
“We at AmBank have always maintained that if an acquisition comes at the right price, we would definitely look into it.”
He said under the Plan B, the group will integrate its retail stock brokering segment organically, where it would reach out further to its customer base.
AmBank is the leader in certain pockets of the industry, including general insurance and the debt capital market.
“We are number one in the general insurance segment. And we are also among the top three in the debt capital market with a market share of 15 to 20 per cent and in the top two in fund management in Malaysia.”