As a win-win strategy, we are stepping up efforts to encourage customers to migrate from counters to cost efficient automated channels. This would increase customer convenience and free up our branches for more and better wealth management services in response to rising customer demand.

Next month, e-Banking services will be made available to our more than 800,000 credit card customers who will be offered incentives to open integrated accounts. We will also set up more self-service banking terminals.

From 1 May, we shall introduce a four-tier interest rate structure. At the top tier, customers with deposits of HKD10,000 or more in their Hong Kong Dollar Passbook, Statement and newly-introduced ATM Savings Accounts will enjoy the Maximum Savings Rate announced by the Hong Kong Association of Banks while those with less than HKD1,000 will receive no interest.

After full deregulation in July, the Hang Seng Savings Rate will replace the Maximum Savings Rate and customers with deposits of HKD150,000 or above will be offered a fifth tier of higher interest rate that will depend on market conditions.

Also after full deregulation, integrated account customers whose Total Relationship Balance with the Bank reaches HKD150,000 will be awarded additional bonus interest.

The Total Relationship Balance of our integrated accounts -Prestige Banking, Bank Smart and Bank-In-One Accounts - comprises the total business the customer has with us, and includes deposits, securities, investment funds, monthly investment plans, paid-up life insurance premiums, utilised overdrafts, and the outstanding balances of personal loans and credit card loans.

In order to allow more customers to enjoy the benefits of our integrated accounts, the minimum balance requirement for Bank-In-One Account customers was halved to HKD5,000 late last year.

From July 2001, a monthly service fee of HKD40 will be levied on new Passbook or Statement Savings Accounts whose average balance falls below HKD5,000.

Customers will have the choice of free ATM services under the ATM Savings Account, to be introduced from 12 April 2001. This account will have no minimum balance requirement. Deposits at counters will be free of charge. However, a HKD20 fee will be levied for each counter withdrawal or transfer.

These fees will be applicable to accounts opened from tomorrow (12 April 2001).

Details of our new fees and interest rate structures are available from our branches, our website www.hangseng.com or by dialling our Customer Service Hotline 2822-0228.

Ladies and gentleman, we want to assure our customers that deepening customer relationships and serving the community have been key factors in drawing up our new measures. We hope customers will use Hang Seng as their main - if not the only - banker. Closer relationships will benefit both sides. Thank you.