AmBank expects a 3% to 4% growth in personal loans (1015)

KUALA LUMPUR: AmBank (M) Bhd forecasts a 3% to 4% growth in personal loans this year, driven by a better outlook in the automobile sector this year.
The target is an improvement against the 1.6% growth for the bank last year. AmBank is one of the top automobile loan providers.
Its group managing director Ashok Ramamurthy said on Thursday the bank had seen minimal impact following the implementation of Bank Negara Malaysia's Responsible Financing Guideline.
He
said AmBank's focus was on institutional loans, particularly the small
and medium enterprises, and he expected a double-digit growth in this
sector.
On the proposed acquisition of MBF Holdings Bhd's credit card business, he expected the deal to be concluded in three to four months.
AMMB Holdings Bhd
had entered into a conditional share sale agreement with MBf Holdings
Bhd and two of its subsidiaries for the proposed acquisition of 100%
interest in MBF Cards (M) Sdn Bhd for RM623.4mil cash.
MBf and its units Atox Cards Sdn Bhd and Jastura Sdn Bhd
have direct interests of 51%, 11.55% and 37.45% in MBF Cards, which
owns the business of cards issuing, merchant acquiring and bill
payments business under Visa and MasterCard licences.