By Ellina Badri
KUALA LUMPUR: Public Bank Bhd’s (PBB) Islamic subsidiary, Public Islamic Bank Bhd, is expected to be in a position to explore the Islamic capital and international currency markets soon to keep up with the growth of the bank’s overall operations.
PBB co-chairman Tan Sri Thong Yaw Hong (pictured) said Public Islamic Bank was expected to continue growing in line with the bank’s overall growth, and it would be fully supported by the bank’s domestic operations.
PBB obtained Bank Negara Malaysia’s approval to carry out Islamic banking business through Public Merchant Bhd in 2006. The name change occurred last year.
Thong was speaking at PBB’s 42nd AGM here yesterday, which members of the press were allowed to sit in on, in lieu of a media briefing. The attendance of press in AGMs is not a usual occurrence and left those present yesterday privy to shareholder issues which are normally kept behind closed doors.
Thong said the bank was targeting to grow its branch network in China and Cambodia by three and six branches, respectively, this year towards achieving more than 15% contributions from its overseas operations in the near term.
He said the bank aimed to have its overseas operations grow in line with its domestic operations. It was currently pursuing strong growth overseas and would focus on increasing loans and deposit growth through increasing its branch network and adding more marketing personnel, Thong said.
The bank currently has 64, two and nine branches in Hong Kong, Shenzhen, and Cambodia, respectively.
In response to queries from the Minority Shareholders Watchdog Group, Public Bank senior general manager Leong Kwok Nyem said the bank expected revenue from its bancassurance tie-up with ING Insurance Bhd to increase three or fourfold in the financial year ending Dec 31, 2008.
On its Cambodian subsidiary, Cambodian Public Bank Ltd (Campu Bank), he said it would leverage on Campu Bank’s customer base to cross-sell its insurance products.
PBB co-chairman Tan Sri Thong Yaw Hong (pictured) said Public Islamic Bank was expected to continue growing in line with the bank’s overall growth, and it would be fully supported by the bank’s domestic operations.
PBB obtained Bank Negara Malaysia’s approval to carry out Islamic banking business through Public Merchant Bhd in 2006. The name change occurred last year.
Thong was speaking at PBB’s 42nd AGM here yesterday, which members of the press were allowed to sit in on, in lieu of a media briefing. The attendance of press in AGMs is not a usual occurrence and left those present yesterday privy to shareholder issues which are normally kept behind closed doors.
Thong said the bank was targeting to grow its branch network in China and Cambodia by three and six branches, respectively, this year towards achieving more than 15% contributions from its overseas operations in the near term.
He said the bank aimed to have its overseas operations grow in line with its domestic operations. It was currently pursuing strong growth overseas and would focus on increasing loans and deposit growth through increasing its branch network and adding more marketing personnel, Thong said.
The bank currently has 64, two and nine branches in Hong Kong, Shenzhen, and Cambodia, respectively.
In response to queries from the Minority Shareholders Watchdog Group, Public Bank senior general manager Leong Kwok Nyem said the bank expected revenue from its bancassurance tie-up with ING Insurance Bhd to increase three or fourfold in the financial year ending Dec 31, 2008.
On its Cambodian subsidiary, Cambodian Public Bank Ltd (Campu Bank), he said it would leverage on Campu Bank’s customer base to cross-sell its insurance products.
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