Maybank Always On Lookout For Acquisitions To Enhance Shareholder Value

KUALA LUMPUR, Aug 28 (Bernama) -- Malayan Banking Bhd (Maybank) is always on the lookout for acquisitions as its priority was to improve shareholders' value, said Chief Executive Officer and President Abdul Farid Alias. "We are at a size where we are significant to any Malaysian customer, whether consumer, corporate or commercial. We don't need to acquire another bank for example, just‎ to have a bigger size of total assets," he told a press conference Thursday. Ahmad Farid said the size where Maybank Malaysia is at right now, with its presence and product capabilities, was relevant and enabled the bank to provide all the things it promised to its customers. However, he said the growth areas and competitive landscape for Maybank was more in Southeast Asia. "Are we gonna close the option of merger and acquisition? The answer is no. The value can come out in various perspectives. We do check around what's going on, we're not passive," he added. Meanwhile, Maybank Chairman Megat Zaharuddin Megat Mohd Nor said the focus of the board has always been to increase shareholders' value. "We are among the top five biggest banks in Asean. We believe we have footprints across Asean and other growth markets in the world such that with improved capabilities, services and products offering, we can grab opportunities that come with the growth in those areas," he said. Megat Zaharuddin said Maybank would ensure that it took advantage of further integration of economies especially between Asean and Greater China. Maybank also intended to grow more value in Islamic banking sector, he said, adding that Maybank is the biggest Islamic bank in this part of the world. "We will look at all opportunities in Malaysia and compared it with opportunities elsewhere. If it adds to shareholder value, we will pursue that," he said. --BERNAMA