Bank Muamalat to invest RM10m on upgrades

Bank Muamalat Malaysia Bhd, a unit of DRB-Hicom Bhd, plans to invest at least RM10 million to relocate and upgrade six
to eight of its branches this year.

The move is part of its strategy to gain more customers as the existing branches would be relocated to more strategic locations for better customer experience and ease of transaction, said Chief Executive Officer, Datuk Mohd Redza Shah Abdul Wahid.

"We are spending between RM750,000 and RM1.5 million for each branch relocation, including for the upgrading works," he told reporters at the launch of its new branch in Laman Seri, Seksyen 13, here today.

He said the bank has received feedback from customers, who want a better and more comfortable layout of the branches as well as more car parking spaces.



Bank Muamalat is also planning to add another three to four new branches this year including in Sabah and Johor, he said.

In addition, the bank is aiming to increase its customers base to over one million by the end of this year from some 800,000 customers at present.

Despite the projected slowdown of the economy this year, Mohd Redza Shah is optimistic on business growth but the bank will remain cautious.

"We see this as a challenging year especially as the banking industry becomes more competitive," he added. -- Bernama