Its chairman Gen (R) Tan Sri Mohd Zahidi Zainuddin said the company is currently awaiting approval for the acquisition from the Central Bank of Indonesia. (full story)
"We hope it will be resolved by the end of the second quarter," he told reporters after the company's annual general meeting here Monday.
With 25 branches nationwide, PT Bank Ina is considered a medium-sized bank and valued at around RM500-RM600 million.
Meanwhile, Affin Islamic Bank chief executive officer Kamarul Ariffin Mohd Jamil said the bank intends to convert PT Bank Ina into an Islamic bank following the acquisition and expects the conversion to be completed within two years.
"We look at the acquisition of the bank as a long-term investment," he added.
Affin Islamic is a wholly-owned subsidiary of Affin Bank Bhd, a unit of Affin Holdings.
For the banking business, Mohd Zahidi said Affin is aiming to achieve a 15-18 per cent loans and deposits growth this year, on expectations of good economic conditions due the government's effort to strengthen it.
As for business expansion, he said the company is planning to open five new branches for Islamic and conventional banking, with an average investment of RM1.5 million for each branch, before the end of the current financial year.
To date, Affin has 92 branches nationwide for both the Islamic and the conventional banking business.
For the financial year ended Dec 31, 2010, the company's pre-tax profit increased by 28.2 per cent to RM637.5 million from the RM497.1 million recorded in the previous year.
Revenue rose to RM2.27 billion from RM2 billion previously, attributed to a higher contribution from its subsidiaries.
Source : http://www.bernama.com.my/bernama/v5/newsbusiness.php?id=580010 - April 18, 2011
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