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Friday, January 24, 2014

Published: Friday January 24, 2014 MYT 12:00:00 AM Updated: Friday January 24, 2014 MYT 8:33:19 AM MBSB plans plantation financing scheme

Source: http://www.thestar.com.my/Business/Business-News/2014/01/24/MBSB-plans-plantation-financing-scheme/

KUALA LUMPUR: Financial services provider Malaysia Building Society Bhd (MBSB)is targeting to launch an oil palm plantation financing programme by April in a bid to beef up its corporate loan growth.
President and chief executive officer Datuk Ahmad Zaini Othman said the group had been in talks with several parties and had identified experts to penetrate the oil palm industry.
“For this year, we are targeting the loan growth for the corporate segment to increase up to 20%, mainly from the property, oil palm, and oil and gas sectors, as well as contract financing,” he said at the “Spotlight on Malaysia 2014” forum.
He expects its retail loan growth to moderate this year amid tighter credit rules.
On a separate note, Ahmad Zaini said there was a need for MBSB to embark on a more structured platform and a new environment, moving forward.
“I believe the day of the boutique bank in the current environment may not be so relevant anymore. Hence, in my personal view, a fast-track approach would be a merger and acquisition (M&A) with existing institutions for us to do more,” he opined.
“There are plans for us to go into a structured platform, and at some point, there would be a need for our major shareholder Employees Provident Fund to decide for MBSB to venture into a new environment, which could either be in the form of an M&A or on our own.”
Ahmad Zaini said as of now, it was business as usual for management. “It is up to the shareholders to decide,” he said.
MBSB plans to set up 13 branches this year on top of its current 43 branches.

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