INDONESIA - BANKING - Affin open to M&A if in driver's seat (Bank Ina Perdana)

www.thesundaily.com - KUALA LUMPUR (April 17, 2012): Affin Holdings Bhd, the country's smallest domestic bank, is open to mergers and acquisitions (M&As) but doesn't see itself being swallowed up by a bigger rival.
Due to its small size, the bank is constantly touted as a potential takeover target. But deputy chairman Tan Sri Lodin Wok Kamaruddin said the bank prefers to be the one calling the shots.
"Yes, we are open to M&As as long as we are in the driving seat,'' he told reporters after the group's AGM yesterday.
Following in the footsteps of bigger banks — Malayan Banking Bhd, CIMB Group Holdings Bhd and RHB Capital Bhd — Affin too is looking at Indonesia and other regional markets to fuel future growth.
"We are serious about Indonesia, and we are also looking at Myanmar,'' Lodin said.
But so far, the plan to acquire PT Bank Ina Perdana, first announced two years ago, is still stuck in second gear due to regulatory uncertainties.  (source)

MALAYSIA - PROMOTIONS - Ranjit is new SC chairman, Nik Ramlah his deputy

www.thesundaily.com - KUALA LUMPUR (March 9, 2012): Securities Commission managing director Datuk Ranjit Ajit Singh has been appointed the SC chairman effective April 1, succeeding Tan Sri Zarinah Anwar, who will retire upon completion of her term on March 31 after holding the post since 2006.

Another SC managing director Datuk Dr Nik Ramlah Mahmood has also been appointed its deputy chief executive with effect from April 1. (source)

INDONESIA - TAKAFUL - Indonesian revenue to pick up from 2014, says Takaful Malaysia

www.thesundaily.my - KUALA LUMPUR (March 8, 2012): Syarikat Takaful Malaysia Bhd, which is in the process of restructuring its Indonesian operations, expects revenue contribution from there to pick up steam in 2014 or 2015 from the current 5%, and to make up for half of the group's revenue in five years.
It now derives 95% of its revenue from Malaysia.
"The takaful (Islamic insurance) market in Indonesia is large. It's like a time-bomb about to explode. When it grows, it will grow rapidly. We have seen that happen to Islamic banking," Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil told a news conference here yesterday.  (source)

INDONESIA - BANKING - Indonesia drops plan to lower foreign ownership in banks

www.thesundaily.my - PETALING JAYA (Feb 15, 2012): Malaysian banks with stakes in Indonesian financial institutions no longer need to sell down their holdings as Indonesia is reportedly not going ahead with a plan to limit ownership.

According to a Reuters report yesterday, Indonesia's state deposit agency (LPS) said the country will not implement a planned regulation to limit ownership in domestic banks because it does not want to scare away potential foreign investors from the sale of state-owned Bank Mutiara.  (source)

INDONESIA - TAKAFUL - Great Eastern Takaful eyes top 3 spot in Indonesia

thesundaily.com.my - KUALA LUMPUR (Nov 28, 2011): Great Eastern Takaful Sdn Bhd (GE Takaful) has unveiled a plan to become one of Indonesia's top three takaful players in three to five years, by introducing affordable takaful plans and leveraging on its bancatakaful distribution partnership with Bank OCBC NISP there.

Its CEO Mohamad Salihuddin Ahmad said the company will venture into the republic next year, initially in Java and Sumatera. It will then enter other areas such as Kalimantan and Sulawesi.  (source)