The five-year transaction was fully underwritten and arranged by mandated lead arrangers and bookrunners comprising of ANZ, HSBC, Mizuho Corporate Bank and Standard Chartered Bank. Eighteen other banks joined in the deal, which was upsized from the initial amount of USD500 million to accommodate part of the oversubscription during the syndication. (full story)
Proceeds from the loan will be used for general funding to support the bank’s global asset growth as it continues its business expansion momentum in line with its aspiration to become a regional financial services leader by 2015.
“The oversubscription and significant upsize amount demonstrate global and domestic investor confidence in our strategy and strong financial position as well as the strength of the Maybank brand and franchise,” says Maybank president and CEO Dato Sri Abdul Wahid Omar. “The interest by foreign financial institutions particularly those in the Asian region also augurs well for the sovereign rating of the country that will help increase foreign investor confidence investing in Malaysia.”
Without disclosing the figure, Maybank says the deal achieves tight pricing – reflective of the scarcity value which bank investors place into the transaction.
Maybank posted a 16 percent rise to 2.97 billion ringgit (USD990 million) in group pre-tax profit for the six months to December 2010, compared with 2.56 billion ringgit in the corresponding period a year ago. The increase was driven by higher revenues across almost all business segments of the group as well as significantly lower allowances for loan losses.
The group’s Indonesian operations continued to lead in loans growth with a robust 27.3 percent annualized increase, followed by Maybank Islamic at 23.5 percent, Singapore operations 17.8 percent, other international operations 20.9 percent and community financial services 10.1 percent.
Maybank undertook the expansion of its Islamic banking operations in Indonesia through the establishment of Maybank Syariah Indonesia and entered into an agreement to acquire Kim Eng Holdings in a bid to expand its regional investment banking capabilities.
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