Maybank gets US$200mil JBIC loan

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has secured an additional US$200mil funding facility from the Japan Bank for International Cooperation (JBIC), bringing to US$400mil the total financing it has received from the Japanese bank to date.

Maybank said the additional facility would be used to support customers which had business relations with Japanese enterprises in Malaysia and other Asean member countries where Maybank or its subsidiaries operated.

In the first agreement for US$200mil between Maybank and JBIC signed in May 2009 and fully drawn down by July 27 the same year, the loan programme was dedicated to industries in Malaysia that had business relations with Japanese enterprises.

In a statement, Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said: “Given the strong trade links between Japan and Asean, which in 2009 alone totalled over US$158bil, we believe this new facility will go a long way in further boosting the level of business between Japan and Malaysia as well as the Asean region.

“With Maybank’s presence in seven out of 10 Asean countries, especially our large network in Indonesia, the Philippines, Singapore, Vietnam and Cambodia, the total US$400mil JBIC funding will further boost our lending capacity to clients in the region and enhance our support to them as they leverage on the economic upturn.”

He said the long-term nature of the facility provided Maybank with an opportunity to diversify its source of US dollar funding as well as further improve its US dollar medium-term funding structure.

The facility will be repaid in 16 equal semi-annual instalments commencing November 2011 until May 2019.

Meanwhile, JBIC resident executive officer for Asia and Oceania, Ryuichi Kaga, said the second loan extended to Maybank was expected to promote business activities, including trade and investment, as well as contribute to strengthening of mutually beneficial economic partnership among Japan, Malaysia and Asean countries.

“JBIC is very keen to further strengthen its relationship with Maybank, the largest commercial bank in Malaysia which also has a broad network in Asean countries,” he said.

JBIC is a wholly-owned institution of the government of Japan. — Bernama

  MAYBANK :  [Stock Watch]  [News]

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