www.btimes.com.my - Affin Holdings Bhd is still interested in acquiring at least 51 per cent or a majority stake in Indonesia's PT Bank Ina Perdana, says Chairman Tan Sri Mohd Zahidi Zainuddin.
"We are continuously looking to expand our operations there. "However, we want to get a clear indication from Indonesian regulators about foreign ownership for local banks," he told reporters after the company's annual general meeting here today.
Affin Bank previously revisited its plan to acquire 80 per cent stake in Bank Ina Perdana but put the plan on hold because of a report, which stated that the central bank of Indonesia was considering to cap foreign ownership in its banks to less than 50 per cent. (source)
Zahidi said if Indonesia's central bank allowed at least a 51 per cent majority shareholder stake for foreign ownership, they will re-consider offering a new price for the 51 per cent, he said.
He added that the bank may not be interested in the acquisition if the ownership level allowed is less than 50 per cent.
On plans to expand its Islamic banking operations in China, Zahidi said the regulators in China have still not given clear indications on allowing Islamic banking and services in that country.
"However, through our substantial shareholder, Hong Kong-based Bank of East Asia Ltd, we are trying to see if we can talk with them to offer our products and services there."
He said the group was also looking to expand their operations in Myanmar but have not set any concrete plans as yet.
Zahidi also said considering the challenging environment this year, Affin Bank expected to see a lower loan growth of 10-12 per cent this year against 14 per cent growth recorded in 2011.
Affin Holdings ended its 2011 financial year with record results with the highest ever pre-tax profit of RM709.1 million, an increase of RM76.1 million compared with its previous record of RM637.5 million registered in the preceding financial year.
Revenue rose to RM2.66 billion from RM2.27 billion previously. -- Bernama
Source: http://www.btimes.com.my/Current_News/BTIMES/articles/20120416162514/Article/index_html - April 17, 2012
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