CEO: Maybank denies reports on new acquisitions
- Source: xinhua
- [14:48 October 10 2009]
- Comments
Malaysia's Malayan Banking Bhd (Maybank) chief executive officer Abdul Wahid Omar has dismissed reports that the largest finance services group in Malaysia is purchasing new banking assets abroad.
Local daily The Star Saturday quoted Wahid as saying that Maybank already had enough on its plates after making three acquisitions in 2008.
According to the daily, Maybank spent 11.1 billion ringgit (3.17 billion US dollars) last year on acquisitions overseas.
Wahid, who is also the bank's president, said that Maybank would focus on organic growth at this moment.
Earlier, the chairman of Pakistan's Nishat Group, Mian Mohammad Mansha, was quoted as saying that MCB Bank Ltd and Maybank would team up to acquire banks in the Middle East and Indonesia.
Dismissing the reports, Wahid believed that Mian's words were taken out of context.
However, Wahid said Maybank was planning to open more branches in the Philippines and Cambodia to raise contributions from the operations in the countries.
