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Hong Leong Bank Vesting Order For EON Bank Takes Effect

Key milestone achieved towards realising full growth aspirations of merger

 

Kuala Lumpur, 1 July 2011 - With effect from today, 1 July 2011, the entire business of EON Bank Berhad ("EBB" or "EON Bank"), including all its assets and liabilities, has been successfully transferred to Hong Leong Bank Berhad ("HLBB") in accordance with the Vesting Order granted by the High Court on 17 June 2011, completing a key merger milestone. EBB becomes a dormant company with immediate effect..

"The Vesting Order by the Court effectively transfers all assets and liabilities (including contractual rights) of EON Bank Berhad to Hong Leong Bank Berhad as at 1 July 2011. While it is effective from today, customers and business associates can fully expect business-as-usual as uninterrupted service and continuity of our banking operations continue as normal.

Like all bank mergers, the full integration process takes a longer time as it involves a complex exercise of migrating all the IT systems, processes and policies onto a single IT platform.

Until then, the Minister of Finance has allowed Hong Leong Bank to continue with the use of the name "EON Bank Berhad" for a period of time. Bank Negara Malaysia has further given approval for us to continue with the use of EON Bank-issued payment and transaction instruments such as passbooks, cheques, banker's drafts as well as ATM, debit and credit cards for a period of time from the date of vesting," explained Ms. Yvonne Chia, Group Managing Director / Chief Executive of HLBB.

"With this approval from the authorities, we can facilitate an orderly and smooth transition to the Hong Leong Bank Brand. We will over a period of time, carefully and systemically wind down the use of EON Bank logos, documentation and payment instruments such as cheques, passbooks and cards. This will be done without causing undue inconvenience to all stakeholders, nor interruptions to customer service and operations for customers and business associates alike of the former EON Bank.

This means payment and banking transaction instruments already issued by EON Bank are still valid for use. All customers and business partners or associates are advised to conduct their branch and banking transactions as usual, until further notice. This also includes conducting transactions at their respective branches. Customers of the former EON Bank may continue to carry out online transactions at www.eonbank.com.my , while existing customers of Hong Leong Bank may continue logging into www.hlb.com.my."

Ms. Chia added, "The business associates of EON Bank, from card merchants to recipients of EON Bank cheques, can be confident that we will continue to honour legitimate documentation and transactions using payment instruments bearing the EON Bank name and logo."

Under the Vesting Order, all contracts entered with EBB before the effective date of the Vesting Order of 1 July 2011, will be vested into HLB. They remain in effect and under the same terms and conditions as mutually agreed by the contracting parties when they entered into the contract originally.

The Vesting Date for EONCAP Islamic Bank Berhad will be announced later.

Ms. Chia further commented, "Coinciding with the effective date of this Vesting Order is the start of the new financial year for Hong Leong Bank. We continue to be on track for the full integration exercise and are making confident strides as an even more Market-driven and Customer-centric organisation. Staff are assimilating and collaborating very well, and we see solid teaming efforts to make sure that the merger is seamless to all customers. The Community has received the merger well, and we thank everyone for their continued support to the Bank. We have every reason to be very optimistic."

 

Important notice to all customers and business associates

Customers who bank at Hong Leong Bank branches may continue their account and banking enquiries at their respective Hong Leong Bank branches or call Hong Leong Bank Call Centre at +603 7626 8899 or log on to www.hlb.com.my until further notice.

Similarly, customers of the former EON Bank Group should continue to refer to the branches which have been serving their account and banking needs or call +603 2616 1133 or log on to www.eonbank.com.my until further notice. All existing EON Bank-issued documentation and payment instruments are still valid for use.

For all new legal contracts after the Vesting Date of 1 July 2011, the contracting party is Hong Leong Bank Berhad.

During this time, if you have any queries, please call our hotline at +603 2164 2280 or e-mail us at imohelpdesk@hlbb.hongleong.com.my or fax us at +603 2162 6789.

 


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Press Release - 1/07/2011