From left: CGC chief business officer Sean Tan, Public Bank managing director and CEO Tan Sri Tay Ah Lek, CGC president and CEO Datuk Mohd Zamree Mohd Ishak and Public Bank deputy CEO Datuk Chang Kat Kiam
PETALING JAYA: Public Bank Bhd
has teamed up with Credit Guarantee Corp Malaysia Bhd (CGC) to provide RM1bil in financing for small and medium enterprises (SMEs) in the country.
In a statement, the bank said this showed the commitment from both parties to continue supporting the growth and sustainability of SMEs.
Public Bank managing director and chief executive officer Tan Sri Tay Ah Lek said as a staunch supporter of SMEs, the bank has given RM69.3bil in financing as of June this year.
“As the largest SME financier of the nation with a market share of 17.5% in Malaysia’s SME financing segment, our partnership with CGC reaffirms our commitment to foster sustainable SME development.
“By offering these tailored financing solutions, we aim to further empower SMEs to seize growth opportunities and continue to contribute to the economy,” he said.
CGC president and chief executive officer Datuk Mohd Zamree Mohd Ishak said: “Taking into account Malaysia’s encouraging first half 2024 economic growth which surpassed economists’ forecast, our immediate plan is to jointly work with Public Bank on the remaining RM570mil, which will be launched to meet the additional financing needs of SMEs,” he said.
A total of RM280mil has been launched while an additional RM150mil was launched yesterday.
He added the collaboration was in line with CGC’s vision to promote the growth and development of competitive and dynamic SMEs.
“These initiatives underscored our dedication to empowering SMEs, ensuring they have the financial resources needed to thrive and contribute to the economy. Over the past 52 years, CGC has facilitated over RM96bil in guarantees, benefiting over 380,000 SMEs,” he noted.
