Maybank Keeps Options Open On Opportunities In Thailand

KUALA LUMPUR, March 29 (Bernama) -- Malayan Banking Bhd (Maybank) is not looking at acquiring "anything actively" in Thailand at present. However, Maybank President and Chief Executive Officer, Abdul Wahid Omar said the bank is still open to various opportunities in that country. "Thailand remains a missing piece, as far as retail and commercial banking is concerned. So, we are open for various opportunities," he told the media after Maybank's annual general meeting here on Thursday. He was responding to a question on reports that Maybank was among the potential buyers of ING Groep NV's US$775 million stake in Thailand's TMB Bank Pcl, the country's seventh-largest lender. Maybank, Malaysia's largest lender by assets, acquired a 50.2 per cent stake last year in Kim Eng Holdings Ltd, a leading independent securities and investment broking group in Asia with a presence in many countries including, Singapore, Hong Kong, Thailand and Indonesia. Maybank chairman Megat Zaharuddin Megat Mohd Nor said Kim Eng in Thailand has been rebranded, Maybank Kim Eng Securities (Thailand) Pcl. "This is for the people to become more familiar with our bank. Hopefully through this presence, Maybank can leverage its synergies to expand investment activities in Thailand," he added. Meanwhile, touching on the local banking industry's outlook this year, Abdul Wahid said Maybank is confident it would remain resilient, despite anxiety on an increasingly complex financial landscape by global players. A recent survey by PricewaterhouseCoopers Malaysia stated that the risk of another global recession and a renewed banking crisis was high with the threat of recession containing the risk of further bank failures and nationalisations. "This scenario will be more for the international context following the ongoing debt crisis in the Eurozone. "Will that be contagion to this part of the world? The answer is "no". "However, there will be less demand in terms of export from Asean countries to Europe but there are enough domestic activities to drive continuous growth," Abdul Wahid said. -- BERNAMA