FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
September 27, 2006
Citibank Malaysia Launches "Use Credit Wisely" on BlueHyppo
Widens Financial Education Program with TMNet and AKPK
Kuala Lumpur – Citibank Berhad today announced it would collaborate with TM Net to further increase awareness and educate the general public, on the benefits and relevance of financial education.
Citibank’s on-going “Use Credit Wisely” Internet site aims to reach a broader cross-section of the population through TM Net’s lifestyle portal, BlueHyppo, while at the same time supporting and complementing the Credit Counseling and Debt Management Agency’s [Agensi Kaunseling Dan Pengurusan Kredit (AKPK)] credit counseling, debt management and financial education services. The financial tips on this website are available in both English and Bahasa Malaysia.
“We would like to equip the public with a good foundation in financial education so that they are empowered to make their own decisions, effectively, without coercion and compromise. Knowledge about financial products and services, as well as understanding their terms and conditions would enable consumers to select and assess for themselves what suits them best,” said Piyush Gupta, Citigroup Country Officer and Chief Executive Officer of Citibank Berhad.
He also said, “Citibank is very pleased to have the opportunity to work with TM Net in bringing ‘Use Credit Wisely’ to all segments of the Malaysian society. With the country’s continued economic growth and market liberalization, financial literacy has become an essential life skill to navigate through today’s increasingly product rich and competitive financial marketplace. Consumers need to know how to prudently use products such as credit cards, money management tools, overdraft facilities, mortgages and personal loans to their benefit.”
Citibank’s “Use Credit Wisely” financial literacy tips are targeted at individuals with varying needs including students, professionals, housewives and pensioners. The site provides information that would help plan a monthly budget, initiate a savings plan, manage debt and invest wisely to meet near term obligations and maximize long term financial interests.
Gupta added that improved financial literacy allows for a more developed consumer market, where individuals have a greater inclination to accumulate assets and achieve financial goals, thereby contributing to an economically and financially stable community.
Concurring, AKPK’s Chief Executive Officer, Encik Mohamed Akwal Sultan said that given the growing complexities of the financial landscape, it is essential that Malaysians become a more financially astute society. During his presentation, he highlighted that private consumption had strengthened and household debt had also increased. However, household indebtedness remained at a prudent level of 61.5% of GDP, of which, Non-Performing Loans (NPLs) made up less than 8%.
“Despite prudent lending and borrowing, there are cases where consumers are unable to meet financial obligations. We will assist individuals that need help in debt management and help them analyze their financial situation, identify the suitable options available and develop tailored solutions for each of them. Programs such as Citibank’s ‘Use Credit Wisely’ will play a role in continuously educating consumers on the importance of spending and saving wisely, avoiding bad debts and minimizing difficult financial situations. While consumer spending contributes towards domestic economic growth, private consumption must be kept at sustainable levels,” he pointed out.
Meanwhile, Encik Zamzamzairani Mohd Isa, Chief Executive Officer of Malaysia Business, TM Berhad said, “We believe in providing our customers with quality and compelling content, while at the same time, remaining relevant to the lifestyle of our customers. In our quest to be the leading content provider in the country, we believe that besides providing lifestyle-focused content, we need to balance this with more serious content like ‘Use Credit Wisely.’ Our broadband subscriber base of more than 700,000 plus our BlueHyppo membership of 900,000 will benefit the community more as financial information is now readily available at the click of the mouse.”
For more information on “Use Credit Wisely,” visit our website at www.citibank.com.my or www.bluehyppo.com.
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Citigroup
Citigroup, the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com.
AKPK
AKPK, which was established by Bank Negara in April 2006, provides free credit counseling and advice on debt management. It also customizes solutions for debtors, under its debt management program which could involve debt waivers and restructuring of loans, depending on the arrangement made with the relevant financial institutions. AKPK also offers education programs for consumers on the use of consumer credit and basic money management skills such as savings, budgeting and tips on how to use credit responsibly.
TM Net Sdn Bhd
TM Net Sdn Bhd, a wholly-owned subsidiary of the TM Group, is Malaysia's leading Internet Service Provider (ISP). The company strives to enrich customer experience through converging broadband connectivity, content and communications, and to serve as the catalyst of the digital lifestyle for all Malaysians. For further information on TM Net, visit www.tm.net.my.
Telekom Malaysia Berhad
Telekom Malaysia Berhad (TM), a leading regional information and communications group, offers a comprehensive range of communication services and solutions in fixed-line, mobile, data and broadband. As one of the largest listed companies in Bursa Malaysia with an operating revenue of more than RM13 billion, TM is driven to deliver value to its stakeholders in a highly competitive environment. The Group places emphasis on continuing customer service quality enhancements and innovations. Currently, with investments and operations in 12 countries around Asia and globally, TM is focused on sustainable growth in both the local and international markets. For further information on TM, visit www.tm.com.my.