New CEO: Maybank to focus on regional expansion, Thailand is interesting market

New CEO: Maybank to focus on regional expansion, Thailand is interesting market
Business & Markets 2013
Written by Bernama
Friday, 02 August 2013 19:51

KUALA LUMPUR, Aug 2 (Bernama) – Maybank’s new President and Chief Executive Officer Datuk Abdul Farid Alias said today he wants to focus on expanding the bank's operations in South East Asia.

He said Thailand was a very interesting market and could potentially increase overseas profit contribution to 40 per cent by 2015 from 30 per cent currently to the group.

"Overseas contribution will not come up to 40 per cent by 2015 unless we do an acquisition, not necessarily in Thailand. However, while we are the biggest broking house in Thailand (through Maybank Kim Eng), our commercial banking presence is not as strong.

"We are looking at finding ways, terms that are acceptable to us from value and size perspective (on possible Thai acquisition). Thailand is a big market and it's a very, very exciting market, obviously," he said in his first remarks after his appointment was announced today at a media conference.

Abdul Farid said he would make further remarks on his plans at the bank's second quarter result announcement on Aug 21.

On his appointment, the newly appointed CEO said: "I have psyched myself up since the (selection) process started... It's a relief," adding that he was informed of the appointment at 11 am today.

His previous duties and responsibilities would be taken over by Maybank Investment Bank Chief Executive Officer Tengku Datuk Zafrul Tengku Abdul Aziz.

Chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said the bank was extremely pleased to come out with the choice as Abdul Farid fitted the criteria of what Malaysia's largest bank was looking for and believed the new leader would be able to bring the bank to greater heights. -- BERNAMA