Maybank sees 17pc growth in car financing

KUALA LUMPUR, June 17 (Bernama) -- Malayan Banking Bhd (Maybank) expects the growth for its motor vehicle financing to be sustained at between 16-17 per cent for the financial year ending June 2012.

Its executive vice president/head of automotive financing, Hamirullah Boorhan, said as of today, the bank has surpassed the 15 per cent annual growth rate and was confident of touching 16 per cent by the end of financial year ending June 30, 2011.

"With the price of oil expected to go up further, the national car producers would be in an advantageous position because people will demand more compact cars.

"So on that basis, the growth of 16-17 per cent is something possible," he told Bernama after welcoming the new Perodua Myvi 'Lagi Best' Convoy here today.

On the new Myvi campaign, Hamirullah said, demand for the new version of Myvi was expected to increase which would help increase the growth of Maybank's car financing.

He said Maybank would offer a special package for the first 500 customers who took loans from the bank, adding that customers would get their loans approved within an hour after submitting the forms. - Bernama