EON Bank Group the first to enable faster outstation cheque clearing

PR Log (Press Release) – Jan 22, 2009 – EON Bank Group customers are now the first in Malaysia to enjoy the convenience of being able to clear all their cheques within just 2 business days. EON Bank Group is the first bank among all the banks in Malaysia to be able to offer this service in response to Bank Negara Malaysia’s call to expedite cheque clearing, especially for those located in the East Coast of Malaysia as well as those in Sabah and Sarawak.

Michael Lor, Head of Consumer Banking Group explained, “Many customers know the frustration of having to wait anytime between 5 to 8 days to clear cheques – especially for outstation cheques! Now with EON Bank Group, our customers can enjoy the advantage and convenience of having their cheques cleared in 2 business days, regardless of where they are in the country.”

“We strove to be the first in the market to introduce this service primarily because we know how much our customers will enjoy the many benefits that arise. After all, why wait to introduce something that is so beneficial for our customers? For example, they can now use their funds much faster to conduct necessary transactions. They can also start earning deposit interest earlier from having the amount cleared and credited into their account faster,” he added.

EON Bank Group is among the first banks in Malaysia to deploy cheque deposit machines that enables processing and secure transmission of cheques online, using digital imaging technology. By leveraging on such cutting-edge technology, EON Bank Group has been able to cut out significant amounts of time taken to process cheques, which has further translated into faster turnaround times for customer convenience. The introduction of this service certainly echoes Bank Negara Malaysia's call for Malaysian banks to offer more efficient services.  

In fact, this latest move is just one of the many “firsts” for EON Bank Group. EON Bank Group has introduced a host of other “firsts” that have resonated strongly among customers and the banking industry. These pioneering innovations include being the first bank to offer Free-For-Life Credit Cards, fixed deposit interest paid upfront with the Earn Now Fixed Deposit Account, Personal Loans with cash back, 100% Rebate on Credit Card transactions among many others.

For EON Bank Group, being the first to introduce the convenience of having cheques cleared faster is also part of an overall, long-term aggressive strategy to continually provide customers with banking solutions that are truly simple, convenient and which deliver value. Since early last year, EON Bank Group embarked on a host of initiatives and investments from branch refurbishments to the deployment of business intelligence, which has involved an investment of more than RM200 million.

EON Bank Group’s service to clear all cheques, including outstation cheques, anywhere in the country within 2 business days, is based on Kuala Lumpur business days.


About EON Bank Berhad
EON Bank Berhad is a licensed banking and finance company operating under the regulations of Bank Negara Malaysia under the provisions of the Banking and Financial Institutions Act 1989. EON Bank is principally engaged in the provision of a comprehensive range of banking products and services.

EON Bank’s newly incorporated EONCAP Islamic Bank Berhad has five full-fledged Islamic Banking branches, which offers Islamic shariah-compliant banking products and services, which includes deposit products, retail products, enterprise financing as well as investment banking activities.

The investment bank licensed under the Banking and Financial Institutions Act 1989, MIMB Investment Bank Berhad is a wholly owned subsidiary of EON Bank Berhad. MIMB Investment Bank Berhad provides full client services in key areas of investment banking including corporate finance advisory, structured finance, equity and debt capital markets, placements, underwriting and stock broking activities under its subsidiary.

EON Capital Berhad is the holding company of EON Bank Berhad.

EON Bank Group intends to be one of Malaysia’s leading financial service institutions, offering innovative products and services and has positioned itself as an efficient, customer-focused and relationship driven financial institution.

As at November 2008, EON Bank Group branch network consist of 137 EON Bank branches and 1 MIMB branch with a total of nearly 6,000 employees.