Orix to keep expanding financial services

  • Business
  • Saturday, 04 Oct 2003

ORIX Leasing Malaysia Sdn Bhd will continue to expand in the financial services market, unperturbed by the entrance of new, bigger foreign players in view of liberalisation of the local financial market, said chairman of Orix Corp Japan, Datuk Yoshihiko Miyauchi. 

“We are not afraid of competition. Competition will enlarge the market size and more, and better products will be introduced,” said Miyauchi, who is also Orix Corp chief executive officer. 

He does not see Orix being affected when the financial market opens up, as the company has managed to weather the bad times during its 30 years of operations in Malaysia.  

Deputy Finance Minister II Datuk Dr Ng Yen Yen launching Orix's 30th anniversary celebration with chairman and chief executive officer of Orix Corporation Japan Datuk Yoshihiko Miyauchi (left) and Antah Holdings Bhd chairman Tunku Naquiyuddin Tuanku Ja'afar

His optimism is rooted on the company's strong foundation in global expertise, knowledge, and substantial experience built over the years. 

Miyauchi said Orix Leasing had tied up with automotive companies like Perusahaan Otomobil Malaysia Bhd (Proton) and Ford to lease vehicles to multinationals, which could contribute substantially to Orix's business. 

“It will boost our service-oriented business as the partnerships will allow all our vehicles to be serviced in 350 centres nationwide.  

By 2005, we want to be the main player in the market. We will continue to build our expertise around the financial sector, especially in leasing,” he told a press conference in conjunction with the 30th anniversary celebration in Shah Alam on Tuesday. 

According to Asset Financing and Leasing Association of Malaysia, Orix Leasing has 12% to 15% share of the equipment financing market.  

Orix Leasing recorded pre-tax profit of RM30mil for the year ended March 31, up from RM15.8mil previously.  

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