Azman: No merger with Affin Bank

  • Business
  • Thursday, 09 Jan 2003

AMBANK chairman Tan Sri Azman Hashim has quashed rumours of an impending merger between Affin Bank Bhd and AmBank Group under the second round of banks consolidation. 

“AmBank would be standing alone for a while,” he said. “At the moment, we are busy with our consolidation exercise involving AmFinance. There is a lot of work to be done and we want to finish it as soon as possible. So far, the consolidation has been going smoothly,” he added.  

“It would take a while to complete because our finance arm is the biggest in the country,” he said,, adding that the exercise would convert 200 of its branches nationwide into full-fledged commercial banking and financial institutions. 

“And, the next exercise would be to merge with discount houses,” he noted.  

“The restructuring and mergers, I expect, would get cost-savings going for us,” he told reporters after the signing of agreement between the AmBank Group, Koperasi Sejati Bhd, Koperasi Usahawan Islam Malaysia Bhd, Koperasi Kobaru Bhd and Koperasi Serbaguna Iman Malaysia Bhd to provide AmTunai specifically to government servants yesterday .  

AmTunai, a financing scheme based on Syariah principles, is part of our effort to enhance our Islamic banking services. The scheme also offers profit sharing rate on the Islamic Bai Al-Innah concept. It is a product collaboration between AmFinance and AmAssurance,” Azman said.  

On a different note, Azman said there was a substantial amount of IPOs underwriting for the Mesdaq market in its pipeline this year. Last year was a good year for the group, too, he added. He also sees interest rates remaining stable in the year.  

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