F&N is confident about its future despite ending its franchise agreement with Coca-Cola, as it will have more flexibility to expand its brands, markets, and product lines. The company's financial position remains sound. Separately, EON Bank Group introduced two new retirement schemes - one allows civil servants within four years of retirement to apply for loans up to RM100,000, while the other allows retired civil servants to apply for loans between RM5,000-RM100,000 for up to 15 years. The schemes are aimed at helping retirees plan financially and maintain their livelihood after retiring.
F&N is confident about its future despite ending its franchise agreement with Coca-Cola, as it will have more flexibility to expand its brands, markets, and product lines. The company's financial position remains sound. Separately, EON Bank Group introduced two new retirement schemes - one allows civil servants within four years of retirement to apply for loans up to RM100,000, while the other allows retired civil servants to apply for loans between RM5,000-RM100,000 for up to 15 years. The schemes are aimed at helping retirees plan financially and maintain their livelihood after retiring.
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thesun 2009-02-20 page16 f&n confident of the future
F&N is confident about its future despite ending its franchise agreement with Coca-Cola, as it will have more flexibility to expand its brands, markets, and product lines. The company's financial position remains sound. Separately, EON Bank Group introduced two new retirement schemes - one allows civil servants within four years of retirement to apply for loans up to RM100,000, while the other allows retired civil servants to apply for loans between RM5,000-RM100,000 for up to 15 years. The schemes are aimed at helping retirees plan financially and maintain their livelihood after retiring.
F&N is confident about its future despite ending its franchise agreement with Coca-Cola, as it will have more flexibility to expand its brands, markets, and product lines. The company's financial position remains sound. Separately, EON Bank Group introduced two new retirement schemes - one allows civil servants within four years of retirement to apply for loans up to RM100,000, while the other allows retired civil servants to apply for loans between RM5,000-RM100,000 for up to 15 years. The schemes are aimed at helping retirees plan financially and maintain their livelihood after retiring.
F&N confident of the future KUALA LUMPUR: Fra- distribution network. ing performance of the group and F&N was a dynamic two retirement schemes by Kristene Silva Marie newsdesk@thesundaily.com bank in Malaysia to offer such services, giving retiring civil serv- ser and Neave Holdings Bhd “With the new status, for the financial year ending one and in the course of ants an opportunity to plan ahead (F&N) is ready to adapt and the company is now able to Sept 30, 2009. the collaboration, there had KUALA LUMPUR: EONCAP Islamic of their retirement and facilitate chart a new course to realise launch new products and “Our financial position been differing perspectives, Bank, part of EON Bank Group, the need for upfront cash. its vision as a Malaysian- venture into new territories is sound, our business sus- viewpoints and expectations. introduced two new financial Second Minister of Finance owned world-class food and and export markets from tainable and diversified and – Bernama schemes for government pen- Tan Sri Nor Mohamed Yakcop said beverage company. which we were restricted in coupled with our resolve sioners and retiring civil servants planning for a retire- In a statement here yes- the past by the agreements.” and determination, we will yesterday. terday, F&N said the non-re- The agreement is due to overcome and withstand any AEON targets “Skim Pem- newal of the Coca-Cola fran- expire in January 2010. eventualities. RM10mil biayaan Perib- chise agreements, which was F&N group chief execu- “While challenging, our adi Gratuiti” announced on Wednesday, tive officer Tan Ang Meng future is bright and we are sales from allows govern- would give it the opportunity said the development was confident,” he said. partnership ment servants, to further build on its brand not expected to have any Tan said the relationship KUALA LUMPUR: AEON who are four equity, market presence and material effect on the operat- between The Coca-Cola Co Credit Service (M) Sdn Bhd years or less has targeted RM10 million from retire- in sales from its latest ment, to apply business partnership with for financing Woongjin Coway (M) Sdn ranging from Bhd. RM10,000 to Aeon Credit managing RM100,000. EON Bank Group CEO director Kuroda Naruhito The repay- Albert Lau, Fozia, Nor said yesterday the strate- ment period is Mohamed and EONCAP gic partnership signified between nine Islamic Bank chairman the company’s move into to 51 months Datuk Mohd Hussin Abd rental-based financing. with a flat profit Hamid at the launch. He said for the business, rate of 7% per the non-performing loan annum which only commences ment is important for the retirees ratio is expected to be upon retirement. to have an appropriate level of maintained at below 2%. One of the benefits of this income to especially meet their Woongjin Coway, part scheme is the bank only executes long-term needs. of a South Korean group, is repayment deductions once the “The initiative by EONCAP targeting a total revenue gratuity payment commences, giv- Islamic Bank is significant in the of RM44 million with a ing the customer a four-year head- efforts at designing products that sales volume of about start to build up his finances. would contribute towards increas- 30,000 units this year. Meanwhile, Skim Pembiayaan ing the supply and diversity of The company expects Peribadi Pesara Kerajaan allows financial instruments to meet the 40% of its total sales to be a pensioner to apply for financing long-term needs of retirees.” generated through the part- ranging between RM5,000 and EONCAP Islamic Bank Bhd nership with AEON Credit. RM100,000. executive director Fozia Amanulla Last year, the company The repayment period is three said a retiree should have the achieved rapid growth with to 15 years (or the age of 70, de- opportunities to continue his a revenue of RM22 million, pending on which comes earlier) livelihood and enjoy better quality up by almost four times with a flat profit rate of 5.25% of life. from the 2007 figure. per annum for amounts between “The two financial planning “With the partnership, RM5,000 and RM15,000 or 5.50% schemes may be used to start customers are able to for amounts between RM15,001 a new business venture, settle make their monthly pay- and 100,000. outstanding obligations or even ments more conveniently The scheme incorporates a to purchase a retirement home.” through auto-debit at any Takaful insurance coverage for For more information on the of the appointed commer- the pensioner at a subsidised two schemes, log on to www. cial banks in the country,” premium and is in line with the eoncap-islamicbank.com.my, call Woongjin Coway manag- government efforts to encourage 03-2616 1133 or visit any EON- ing director James Park Jae entrepreneurial initiatives. CAP Islamic Bank or EON bank Young said. – Bernama EONCAP is the first Islamic branches nationwide.