KUALA LUMPUR (Aug 28): Malayan Banking Bhd (Maybank) will only seek mergers and acquisitions (M&As) opportunities if the move adds on to its shareholder value and not merely by expanding the size of its total assets.
Speaking during a press conference on its financial results today, Maybank group president and chief executive officer Datuk Abdul Farid Alias said the bank's current size is sufficient to any Malaysian customers, be it as corporate or consumer clients.
"We do not need to acquire another bank, just to have the biggest size in terms of total assets. [With] the size that we have in Malaysia right now, we can be significant and relevant, with all the things that we promise to our customers," Farid added.
He was responding to the news on a three-way merger by CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB). The enlarged entity will dislodge Maybank (which has an asset size of RM578.01 billion as at March 31), as the largest banking group in Malaysia.
Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said the focus of the board has always been on growing the shareholder value. "We believe we have footprints in not just ASEAN, but in other significant markets in the world."
However, Zaharuddin noted that the bank is always on a lookout for M&As opportunities: "If it adds on to the shareholders value, we will pursue that."
"We will look at the opportunities here in Malaysia and compared it with opportunities elsewhere," he added.