Maybank Looking To Expand In China Through Organic Growth

30 Zulkaedah 1433


BEIJING, Oct 15 (Bernama) -- Malayan Banking Bhd (Maybank) plans to become a leading "cross-border" solutions bank in the context of Asean-China by 2015, said its President and Chief Executive Officer, Datuk Seri Abdul Wahid Omar.

"Maybank was looking to expand to other big cities in China in an organic manner without involving any merger and acquisition," he said at a press conference in conjunction with the opening of its Beijing branch, the third branch after Shanghai and Hong Kong, here today.

He said in the first half of 2012, Maybank has recorded a total profit after tax of US$37 million for its Greater China operations, which include its branches in Hong Kong and Shanghai.

More information :BERNAMA

Call for more time to 'tweak' Basel III

29 Zulkaedah 1433


Malaysia's top two banks, Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd, say the Basel III package of measures to strengthen the global financial system needs more scrutiny and are calling for more time to "tweak" the new regulations.

Picture by Business Times Malaysia

One of the deepest concerns is that the banking sector could lose investor appeal, Maybank said at the Institute of International Finance annual meeting here.

The Basel III package of measures will see a gradual phase-in of the standards from next year until 2019.

"The consultative papers have been placed with the central banks," said Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar.

Picture by Business Times Malaysia

Overall, while there are some elements like trade finance and small and medium enterprises (SMEs) that can be tweaked, the banking sector must be prepared for Basel III.

"We saw it as an eventuality and that was why we raised US$1.2 billion (RM3.66 billion) blanket capital to make sure we are prepared," he said in reference to last week's successful completion of a bookbuilding exercise in relation to its private placement.

He called for a level playing field, arguing that the risk weighted assets of European banks are between 20 per cent and 30 per cent, one third that of Asian banks, which measure at between 50 per cent and 60 per cent.

CIMB Group chief executive Datuk Seri Nazir Razak said there are details that need to be looked into as well as Basel III's implications on the banking landscape.

Basel III, he said, is crafted in the context of problems in the West, which is heavily reliant on a global ratings framework that is biased against developing countries.

Nazir said further scrutiny shows that the new regulations will be disadvantageous to Asian banks.

"It places excessive liquidity requirements on Asian banks when there is so much of liquidity in the region and likewise, there is too much emphasis on government bonds when there is enough in Asia."

Smaller banks also stand to suffer as Basel III means heavy compliance costs.

More information: BT

Malaysia To Bank On Islamic Finance To Boost Financial Integration

18 Zulkaedah 1433


KUALA LUMPUR, Oct 3, 2012- Malaysia will be consolidating and capitalising on its comparative edge in Islamic finance to intensify financial integration and connectivity with international economies, mainly to support expansion of trade and investment activities.

Deputy Finance Minister, Datuk Dr Awang Adek Hussin, said Islamic finance has proven to be a potent tool for the nation to achieve more inclusive, well-rounded and sustainable economic development.

He said Islamic finance started as a strategy for greater financial inclusion in reaching out to the underserved segment of the Muslims and has progressed into a competitive form of financial intermediation for retail customers, businesses and the government.

More information: BERNAMA

2013 Budget: Middle-income Group Not Sidelined

18 Zulkaedah 1433


KUALA LUMPUR, Oct 3, 2012- The government would not sideline the middle-income group in the 2013 Budget, said Prime Minister Datuk Seri Najib Tun Razak.

He said various incentives were given out to assist this group, including one percentage point income tax reduction for those in the RM2,500-RM50,000 income bracket.

"We also provide housing programmes for the middle-income group. We give them other facilities too that benefit them like the My First Home scheme.

More information: BERNAMA

Syed Mokhtar Firms Make RM347m. Offer for Tradewinds

29 Syawal 1433

KUALA LUMPUR: Hotel and property specialist Tradewinds Corp Bhd (TCB) has received a RM347 million takeover offer from its largest shareholder Perspective Lane (M) Sdn Bhd and two sister companies.

Perspective Lane, Kelana Ventures Sdn Bhd and Seaport Terminal (Johore) Sdn Bhd, all controlled by Tan Sri Syed Mokhtar AlBukhary, plan to privatise TCB via a selective capital reduction (SCR) and repayment exercise.

TCB yesterday said Perspective Lane will cancel one TCB share held by other shareholders not linked to it and the other two offerors.

They will pay RM1.10 for every cancelled share, TCB said in a statement to Bursa Malaysia yesterday.

The SCR of 347 million shares will reduce TCB's issued and paid-up capital from 1.11 billion shares to 759.03 million shares.

Read more: Syed Mokhtar firms make RM347m offer for Tradewinds http://www.btimes.com.my/Current_News/BTIMES/articles/20120914230940/Article/index_html#ixzz26g007KEl

Legoland Malaysia, Local Attraction Of International Standard

29 Syawal 1433


JOHOR BAHARU, Sept 15, 2012 First in Asia, Legoland Malaysia got a hot reception from visitors on its opening day today with some 4,000 visitors registered up to 12 pm.

Visitors thronged the main entrance of the park as early as 9 am and about 10,000 patrons are expected to visit the theme park on the first day of its opening to the public.

While waiting for the main entrance to open, the visitors are feted with an amazing performance by the Legoland orchestra, Billund Marching Band, which was specially flown in from Denmark, as well as a dance show by the crew of Legoland Malaysia.

All the visitors are excited with the public opening of the Legoland theme park and some have already made plans to revisit it.

More information : BERNAMA

TM's Profit Almost Triples

12 Syawal 1433


STRONG BROADBAND TAKE-UP RATE: Company nets RM348.5m in second quarter 

TELEKOM Malaysia Bhd (TM), the country's largest fixed-line phone company, almost tripled its second quarter net profit to RM348.5 million, partly helped by a strong broadband take-up rate.

The company also recorded a 8.6 per cent growth in revenue to RM2.43 billion, versus RM2.23 billion in the same period last year.

During the quarter ended June 30, 2012, the company also added 37,000 new broadband customers to 2.01 million, mainly driven by growth in its Unifi customer base.

To date, TM has more than 420,000 Unifi customers. The company had earlier forecast to hit 400,000 subscribers by year-end.

More information: Btimes