BWBB 3033 INTERNATIONAL BANKING

SESSION 2021/2022 (A212)

GROUP ASSIGNMENT

GROUP 7 (C)

SUBMITTED TO:

PROF. MADYA DR. AZIRA BINTI ABDUL ADZIS

PREPARED BY:

NAME NO. MATRIC

JASMINE YAP QIN YING 278412

NG SIAO WEI 278143

NURULAIN BINTI RAZALI 278136

NURUL EZZATY AYUNY BINTI AHMAD KAMIL 281193

NUR AIRENNA IDAYU BINTI MOHD AZARAII 278281

SUBMITTED DATE: 9TH JUNE 2022

 TABLE OF CONTENT

1.0 BANK PROFILE 1

2.0 PRODUCTS AND SERVICES OFFERED BY LOCAL AND INTERNATIONAL

BANK 6

3.0 COMPARISON OF PRODUCTS AND SERVICES OFFERED BY LOCAL AND

INTERNATIONAL BANK 12

4.0 BANKING REGULATIONS RELATED TO LOCAL AND INTERNATIONAL

BANK 16

5.0 CONCLUSION 21

6.0 REFERENCES 22
1.0 BANK PROFILE

1.1 HISTORY OF LOCAL AND INTERNATIONAL BANK

1.1.1 THE HISTORY OF CIMB BANK

Commerce International Merchant Bankers Berhad is the full name of CIMB Bank.
Previously, CIMB was also known as Pertanian Baring Sanwa Multinational Bank (PBSM) in
1974. In the same year, PBSM was developed in Kuala Lumpur, Malaysia and founded by Tun
Abdul Razak Hussein, the Prime Minister of Malaysia. After being acquired by the Bank of
Commerce in 1986, PBSM became Commerce International Merchant Bankers Berhad (CIMB).
In 1991, CIMB merged with United Asian Bank in 1991. Then in 1999, it merged with Bank
Bumiputra Malaysia Berhad to establish Bumiputra-Commerce Bank Berhad. In 2006, CIMB
purchased Southern Bank. In the presence of Malaysian Prime Minister Dato’ Sri Abdullah
Ahmad Badawi, the new-look CIMB Group was unveiled. Nowadays, CIMB is likewise growing
increasingly successful. This is because CIMB has established several branches in various
countries with great success. As a proof, CIMB has about 234 branches around the country. It
has subsidiaries in Vietnam, Thailand, Cambodia as well as Hong Kong, ShangHai, Singapore
and London.

1.1.2 THE HISTORY OF BANK OF AMERICA

Bank of America Corporation is the full name of the company, which is also one of the
largest banking and financial services and second largest bank holding organizations by assets in
the United States. Amadeo Giannini and Hugh McColl were the founders of Bank of America
and it was established in 1998. The term Bank of America first appeared in 1923, when Bank of
America was founded in Los Angeles. Bank of America was purchased by Bank of Italy of San
Francisco in 1928. As a result, it became a new Bank of America after two years. In 1998, Bank
of America combined with Nations Bank Corporation and Bank America Corporation to become
Bank of America Corporation. It was the third-largest bank in the United States at the time.
Nowadays, Bank of America has many branches across the world such as in Malaysia, Canada,
Mexico and India.

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1.2 ORGANIZATION STRUCTURE

1.2.1 ORGANIZATION STRUCTURE IN CIMB

Figure 1: Organization Structure In CIMB

Sources: CIMB GROUP STRUCTURE

1.2.2 ORGANIZATION STRUCTURE BANK OF AMERICA

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 Figure 2: Organization Structure In Bank of America

Sources: Bank of America’s Organizational Structure

1.3 BOARD OF DIRECTORS

1.3.1 BOARD OF DIRECTORS IN CIMB

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 NAME POSITION

Datuk Mohd Nasir Ahmad Chairperson / Independent Director

Dato’ Abdul Rahman Ahmad Group Chief Executive Officer / Executive

Director

Teoh Su Yin Senior Independent Director

Robbert Neil Coombe Independent Director

Data’ Mohamed Ross Mohd Din Independent Director

Dato’ Lee Kok Kwan Non-Independent Director

Afzal Abdul Rahim Independent Director

Didi Syafruddin Yahya Independent Director

Shulamite Khoo Independent Director

Serena Tan Mei Shwen Non-Independent Director

Datin Rossaya Mohd Nashir Group Company Secretary

Table 1: Board of Director in CIMB

1.3.2 BOARD OF DIRECTORS IN BANK OF AMERICA

NAME POSITION

David Allan Cairns Chairman and Independent Director

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 Raymond Yeoh Cheng Seong Chief Executive Officer and Executive Director

Ayesha Natchiar Binti Dato Ally Maricar Independent Director

Dato’ Mohammad Bin Haji Che Hussein Independent Director

Kellee Kam Chee Kiong Independent Director

Table 2: Board of Director in Bank of America

2.0 PRODUCTS AND SERVICES OFFERED BY LOCAL AND INTERNATIONAL

BANK

Bank is a profit-oriented business. So, there are many products and services that banks
provide to gain profit. The most common services offered by banks are checking accounts,
saving accounts, certificates of deposit, and loans, including car loans and home mortgages
(What Services Do Banks Provide to Customers? 2019). By offering these products and services,
banks will receive fees, interest payments and many else. Different banks will offer different
additional products and services to show the difference between them and competitors. For the

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bank that operates in a dual banking system; conventional and Islamic, they will also offer
products and services that comply with Shariah.

CIMB BANK BANK OF AMERICA

ACCOUNTS ACCOUNTS
● Savings account ● Savings account
● Current account ● Current account
● Fixed deposit ● Standard Term CDs
CARDS CARDS
● Credit card ● Credit card
● Debit card ● Debit card
● Prepaid card ● Prepaid card
FINANCING FINANCING
● Personal loan ● Property loan
● Property loan ● Auto loan
● Auto loan INSURANCE
INSURANCE ● Family accidental death &
● Life / Family Takaful dismemberment
● Car ● Associate life
● Travel ● Business travel accident
● Personal Accident ● Accidental death & dismemberment
● Credit Related / Takaful ● Short-term disability
● Property / Takaful ● Long-term disability
INVESTMENTS ● Dependent life
● Unit trust funds INVESTMENTS
● Shariah-compliant unit trust funds ● Fixed Income Securities
● E-gold investment account (eGIA) ● Bonds
● Amanah Saham Nasional Berhad ● Mutual funds
(ASNB) ● Exchange Traded Funds (ETFs)
● Term Investment Account-i ● Market Linked Investments (MLIs)

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 ● Bonds ● Closed-End Funds (CEFs)
● Reverse Repo
● Floating Rate Negotiable Instruments
of Deposit (FRNID)
● Islamic Negotiable Instruments (INI)
● Structured Product
● Islamic Structured Product
● Private Retirement Scheme (PRS)
● Special Mudharabah Investment
Account-i
● Clicks Trader
● Internet Ipo Application
● Retail MYR Denominated Negotiable
Instruments of deposits (NID)
● Sukuk

Table 3: Products and Services offered by CIMB Bank and Bank of America

Sources: CIMB Bank and Bank of America Website

2.1 Accounts

Downey (2021) stated that in banking, account refers to an agreement in which a

company, usually a bank or credit union, receives a customer's financial assets and retains them
on his or her behalf at the customer's option. Banks will act as intermediary or middleman
between depositors and borrowers. Banks will receive deposits and then use the deposits to make
loans. There are various types of accounts offered by banks, usually saving account, fixed
deposits account and current account. Deposits kept in accounts with banks are less prone to theft
than cash, thus they should be managed more securely.

Based on the Table above, both CIMB bank and Bank of America Malaysia Berhad are
insured by Perbadanan Insurans Deposit Malaysia (PIDM) as stated in Member Banks of PIDM

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(2022) with maximum limit of coverage up to RM250,000 per depositor per bank. So, depositors
no need to worry if something happens to the bank that we have deposited to.

2.2 Cards

Any card issued in connection with a depository account, such as an ATM card or a debit
card, is referred to as a bank card (Kagan, 2020). Bank cards are useful to consumers to
withdraw money without needing to visit brick and mortar. There are many types of cards
offered by banks which are debit card, credit card and prepaid card.

Debit cards are widely used by people from various age groups such as young and old
people as they find it convenient to use. Withdrawals or payments made using a bank card
usually result in a change in the balance of the account on which it was issued very immediately.
They also can see previous transactions that have been made to track their expenses. According
to Coyle et al. (2021), cash, debit card, and credit card payments accounted for around 19
percent, 28 percent, and 27 percent, respectively, of the 35 total payments made in 2020. Debit
cards show the highest percentage rather than cash and credit card products.

Figure 3: Digital Debit Card by Bank of America

Sources: Bank of America Introduces a Digital Debit Card (2019)

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 Figure 4: CIMB e-Credit Card

Sources: CIMB E Credit Card (2022)

Previously, when banks introduced cards to the public, it was usually in physical cards
but nowadays e-card are introduced to cater with modernization. Recently, CIMB introduced e-
Credit Cards to customers via their official websites, kiosk and many others (CIMB E Credit
Card, 2022). Same goes with Bank of America, in 2019 it introduced a digital debit card (Bank
of America Introduces a Digital Debit Card, 2019). Both of these CIMB e-credit cards and Bank
of America Digital Debit Cards are available to use by using smartphones. There's no need to
bring a wallet but only a smartphone.

2.3 Financing

Based on Table above, there are many products and services offered by CIMB bank and
Bank of America under the financing category. The term financing means securing money or
capital, a synonym for entrepreneurship and its primary driving force (Pticar, 2017) and not
especially for business only but also for individual purposes to meet the necessities of life like
house, car, study and so on.

Usually financing is also called a loan. According to Kagan (2021), loan refers to a sort
of credit instrument in which a sum of money is lent to another party in return for the value or
main amount being repaid in the future. Loans can be applied if someone or companies do not
have enough capital to fund their project or something. In order for their loan applications to be
granted by banks, borrowers must present some deposits, financial statements, and other
information.. After getting the loan, the borrower is obliged to payback the loan including some
amount of additional charges like interest that have been agreed before applying for a loan. From

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the side of banks, banks will receive back their money with interest payments. From there, the
bank can make a profit to continue the operation.

2.4 Insurance

According to Kagan (2021), an insurance policy represents a contract in which an

individual or entity receives financial protection or payment from an insurance provider in the
event of a loss. There are 4 major types of insurance that must be covered: life insurance, auto
insurance, long-term disability coverage and health insurance. All of these insurances are
important when unexpected things happen and at that time we do not have enough fun to cover
the loss.

In 2019, an online all-risk protection insurance plan called Secure Home was introduced
by CIMB collaboration with Berjaya Sompo Insurance Bhd. This insurance covers all types of
risk involved in home insurance plans (Shankar, 2020).

2.5 Investments

An investment is putting money to work today in the hopes of increasing its worth over
time (Hayes, 2021). For people that want to diversify their investment, they might like to invest
in the financial industry as financial institutions are known as profit-based institutions and can
bring a decent return.

Bank of America provides online investing, trading, brokerage, and banking services, as
well as investment advice under Merrill Edge. Merrill Edge is a financial platform owned by
Bank of America (Merrill Edge, 2022). So, for the consumers that are interested to invest in
Bank of America, they need to deal with Merrill Edge. Merrill Edge will ensure all the processes
for investors to manage their brokerage and banking are going smoothly.

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3.0 COMPARISON OF PRODUCTS AND SERVICES OFFERED BY LOCAL AND
INTERNATIONAL BANK

Local banks are major banks that are established and run inside the country’s borders.
International banks, on the other hand, operate above country boundaries. International banks
manage operations involving multiple nations. Corporations operate inside a variety of
currencies, while local banks only deal in one. Local banks also have a single central command,
whereas international banks, while having their principal place of business and operate globally.

CIMB Bank Berhad has offered countless products and services in every sector such in
current and savings account, home financing and hire purchases, fixed deposit and investment
account as well as credit card services. Nonetheless, asset management, banking, commodities,
credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds,
private equity, risk management, and wealth management are among some of the products and
services provided by Bank of America.

Furthermore, a few trademarks have been developed within CIMB Bank Berhad, such
as CIMB Islamic, which focuses on Islamic transactions. The Group’s Islamic banking and
financial services division which is CIMB Islamic has offered a diverse range of Shariah-
compliant products and services. All of this needs to run off the Group’s worldwide banking
application. It also provides products and services in consumer banking, commercial banking,
investment banking, Islamic banking, as well as asset management. It’s indeed ASEAN’s fifth
largest financial institution by revenues, with over 33,000 employees including over 18 million
customers since the end of December 2021. While for Bank of America, they do not have any
sections that are only specific on Islamic purposes. Since we all know, riba is forbidden in Islam,
and traditional banks have riba as part of their business model. As a result, in Malaysia, where
the majority of the population is Muslim, those types of banks are definitely needed.

Apart from that, CIMB Bank Berhad also has a brand called CIMB Investing Bank,
which is dedicated to investment. The investment CIMB banking franchise operates in 16

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countries across Asia Pacific. The Group’s stockbroking arm, CGS-CIMB Securities, is indeed a
joint project with China Galaxy International that provides institutional and retail equity broking
services as well as stocks analytics. For Bank of America, they do not have the specific brand
that incharge of these services but they also do offer the same services which are investment and
wealth management.

Moreover, Bank of America does not offer a personal loan such as student loans. The
bank will recommend you to contact your own financial aid office in school to know about
student loans. However for CIMB Bank Berhad, they do offer a personal loan such as
education loans for students that further their student in upper education. Throughout your
studies which is the Interest Servicing Period, simply pay the interest and afterwards then pay the
principal plus interest on the loan. The Interest Servicing Period will be decided either by length
of your course, however it would not exceed four years. The Interest Servicing Period will be
rounded up to the next six months. For example, if somehow the course is three years plus seven
months long, the Interest Servicing Period will be four years.

Figure 5: Shows the calculation of Repayment of Principal + Interest will start at the end of the
Interest Servicing Period.

Sources: CIMB Bank Berhad (Personal loans and financing)

There also have an Education Loan Calculator for Standard Repayment where you can
calculate by yourself using the table 3.0

Eventhough Bank of America does not provide personal loans, they do provide a credit
card for students that can assist them in properly using their credit card and achieving a happy

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financial future. There are four types of credit card which is Bank of America customized cash
rewards for students, Bank of America unlimited cash rewards for students, Bank of America for
students and lastly is Bank of America travel rewards for students.

Each one of the cards has their own feature and special deals which make a great
opportunity for students to get to use this credit card to pay for their stuff for college. An
example of Bank of America for Students is one of the lowest interest rates that are available in
Bank of America. The card comes with zero percent liability guarantee as well as chip
technology that it used at chip-enabled terminals for extra protection. A cardholder when the
student uses correctly, it may enable you to develop good credit history, which can come in
handy when looking for an apartment, a vehicle loan, or perhaps a job.

Furthermore, in this credit card loan for students there is also a Preferred Rewards
Program. Across all eligible Bank of America credit cards, users could get a 25 percent to 75
percent rewards benefit whenever you join the Preferred Rewards programme. You also get
genuine perks and incentives on your ordinary Bank of America banking and Merrill Lynch
investment accounts as a Preferred Rewards member. The rewards rise in tandem with your
qualification levels.

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Figure 6: Shows 4 types of credit card for students that offered by Bank of America

Sources: Bank of America Credit Cards Student

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4.0 BANKING REGULATIONS RELATED TO LOCAL AND INTERNATIONAL
BANK

Bank regulation aims to keep banks afloat by preventing excessive risk. A bank must
have a positive net worth because if the bank fails or goes bankrupt, its assets will be insufficient
to cover its liabilities. To protect depositors and other creditors, the rules require banks to keep a
minimum net worth. Besides that, banks may lend to businesses, individuals, and other banks.
Banks can also buy securities, but they cannot invest in the stock market or other high-risk
assets. (Bank regulation, n.d.).

4.1 CIMB BANK BERHAD

Malaysia has a dual banking system, one that is conventional and one that is Islamic.
Under the FSA and IFSA acts, Bank Negara Malaysia (BNM) has the authority to act as a bank
regulator (Azman, Foong & Heung, 2022).

BNM performs its supervisory function using a risk-based supervisory approach, in

which financial institutions are assessed and monitored based on their risk profile and the
effectiveness of their risk management system. BNM has issued several prudential guidelines
involving banking institutions, including capital adequacy, liquidity, and others (Azman, Foong
& Heung, 2022).

CIMB Bank is Malaysia's second largest commercial bank. CIMB Bank will follow and
comply with BNM rules to ensure the smooth operation of its banking services and management.
CIMB Bank has also implemented some rules in its banks.

Among the regulations in CIMB Bank are the rules to apply the card. CIMB Bank
provides three kinds of cards including credit cards, debit cards and prepaid cards. The first is
credit cards, and CIMB Bank has 11 different credit cards to meet customers' needs for various
banking services. For example, CIMB Bank offers five credit cards with a minimum salary
requirement of RM24,000 per year. The second is a debit card. CIMB Bank has three types of
debit cards namely CIMB Debit Matercard, which is available to savings account holders aged
12 and up, PETRONAS Debit Mastercard, which is available to PETRONAS Savers account
holders aged 18 and up, and the CIMB Preferred Debit Mastercard, which is available to CIMB

15
Preferred members who have a savings account and are 18 years of age or older. The third is a
prepaid card. CIMB only offers one prepaid card, the CIMB Lazada Prepaid Mastercard, to
individuals aged 18 and above.

Similarly, the regulations in CIMB Bank are the rules to apply for an account. Savings
accounts, current accounts, and fixed deposits are the three types of accounts offered by CIMB
Bank. CIMB Bank has provided a variety of savings accounts to meet the needs and desires of its
customers. For example, the Junior Savers Account is available to children aged 12 and under,
while the Senior Savings Account is available to individuals aged 50 and up. Besides that,
Customers of CIMB Bank can also choose from six different types of current accounts. Preferred
Current Account, Regular Current Account, Basic Current Account, and Foreign Currency
Current Account are available to individuals aged 18 and above only, Prime Account is available
to CIMB Prime members, and Senior Basic Current Account is available to individuals aged 55
and above. Similarly, CIMB Bank also offers three types of fixed deposits, namely Unfixed
Deposit and Foreign Currency Fixed Deposit to individuals aged 18 years and above, and Golden
Time Deposit 2 to individuals aged 55 and above.

In addition, CIMB bank regulations are the rules in CIMB base rate or base lending
rate. For conventional and Islamic banking, the base rate (BR) is 3.00% per annum, while the
base lending rate or base financing rate is 5.85% per annum. Both of these rates came into effect
on May 18, 2022. BR consists of two parts, namely the cost of the benchmark fund (BCOF) and
the cost of the Statutory Reserve Requirement (SRR) imposed by BNM. Changes in BCOF and
SRR will cause the BR rate to rise or fall. For example, if the cost of bank customer deposits
rises, so will the BCOF. This is due to the fact that deposits are one of the elements used to
finance floating rate financing. An increase in BCOF leads to an increase in BR (CIMB Bank
Berhad, n.d.).

Furthermore, the bank regulation is the rules in the CIMB Clicks. CIMB Clicks is an
online banking system offered by CIMB Bank to the entire community. CIMB Clicks enables the
community to conduct online money transactions, check account balances, pay bills, pay loans,
and others. Customers must be mindful of their behavior or actions when accessing this online
banking. For example, customers may not infringe on the rights of others, post something that is
illegal, and refrain from abusing this online banking service. CIMB Bank may also charge

16
customers. CIMB Bank will notify the customer of the imposition of such charges twenty-one
calendar days in advance. For example, if a person is informed of a charge before registering and
then proceeds with the registration, it is assumed that the individual agrees to the charge.
Customers must also read and understand all terms and conditions before registering for an
account with CIMB Clicks. This is to ensure that customers are aware of and accept all risks
associated with banking services. Individuals must also take precautions to ensure that others
cannot access their online banking account. For example, customers do not provide their CIMB
Clicks User ID, internet banking password, TAC number, or any other personal information to
other people. When accessing CIMB Clicks, an individual must also ensure that others do not see
for themselves. Individuals must also log out after they have finished using it (CIMB Clicks,
n.d.).

4.2 BANK OF AMERICA

The Federal Reserve System is the United States' central bank. It was established by
Congress in 1913 to provide the United States with a more safe, flexible, and stable financial
system. It serves five general functions to ensure the smooth operation of the United State
economy. The Federal Reserve's functions include conducting national monetary policy,
promoting financial system stability, and overseeing individual financial institutions' security and
soundness (Federal Reserve Education.Org, n.d.).

Bank of America Malaysia Berhad is a foreign commercial bank in Malaysia and a Bank
of America branch. Bank of America has also implemented a number of regulations in its banks
in order to improve management and customer service.

Among the regulations of Bank of America are the personal data rules. Personal Data is
customer information collected in connection with Bank of America Malaysia's services. Among
the information required include name, personal information, postal address, type of
employment, telephone number and others. Banks must collect, use, and store this personal
information before providing the services requested by customers. If a customer fails to provide
personal information, the bank may be unable to provide services to that customer. The bank can
collect personal information in four different ways. The first is through service, with customers

17
receiving services. The second method is not through service. For example, when someone meets
with a banker before making a transaction or asks the banker for a recommendation. The third
comes from other sources, such as public databases or employers. The fourth method is through
event management and execution, in which a person provides their information during the event
registration process. The bank will also fulfill its obligations to protect customers' personal data
from accidental destruction, loss, or disclosure through access (Bank of America, 2021).

In addition, the regulation in Bank of America is the problem in minors' use of

services. Individuals under the age of eighteen are not eligible for Bank of America services.
Banks may inadvertently collect personal information from individuals less than eighteen years
old. However, each parent or guardian has the legal authority to decide whether or not to disclose
personal information about their underage children to the bank. The bank has also decided that
the personal information of these minors will only be used for event registration and participation
(Bank of America, 2021).

Besides that, the Bank of America regulation is the issue of sensitive personal
information. Banks have made it a policy not to collect sensitive personal information about
their customers. This sensitive personal data is governed by the Malaysian Personal Data
Protection Act or other legal regulations. For example, sensitive personal information includes a
customer's health reports, political views, and religious beliefs. Unless the bank specifically
requests it, the customer is not required to provide this personal information. Furthermore,
customers should notify the bank that they are providing sensitive personal data in the
aforementioned situations. The bank may also receive this data from third-party service
providers or others as part of the bank's due diligence activities to meet various legal
requirements (Bank of America, 2021).

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5.0 CONCLUSION

In conclusion, both banks which is local banks and international banks also have their
own speciality. This can be seen through several criteria. Among the criteria compared are
products and services offered by local and international banks, comparison of products and
services offered by cimb bank berhad and bank of America, also banking regulations related to
local and international banks. This shows that all criteria are important to know the progress of
each bank and make improvements so that the bank's performance is always improved from time
to time.

Moreover, international banks manage operations involving multiple countries.

Companies operate in a variety of currencies, but local banks only trade in one currency. Local
banks also have a single central command and international banks have their headquarters and
operate globally. Not only that, CIMB Bank and Bank of America banks need to be regulated to
ensure the smooth operation of banking services and management. For example, CIMB Bank has
rules for using cards such as credit cards, debit cards, and prepaid cards.

Bank of America is one of the regulations, but the rules are about personal information.
Personal data means customer information collected in connection with the services of Bank of
America Malaysia. Banks can collect personal data in four different ways. The first is through
the service that the customer receives. The second method is not through the service. The third is
from other sources such as public databases and employers. The fourth method is to manage and
execute events. In this method, the individual provides information during the registration
process for the event. Therefore, it is important to take note of the products available in each
bank because each bank has its own benefits as well as making the decision to choose the right
bank to invest or save money.

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6.0 REFERENCES

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berjaya-sompo-offer-new-secure-home-online-insurance-plan
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