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(KUALA LUMPUR) Malayan Banking Bhd has no plans to form a joint venture with any foreign bank in terms of equity, its president and chief executive officer, Abdul Wahid Omar, said.
'We are not engaged in any discussion as we believe that the bank has enough capacity to expand the operations on its own,' he told reporters on the sidelines of the 13th Banking Summit 2009, here yesterday.
He said this when asked if Maybank had any intention of forming a joint venture and to expand the bank's Islamic unit or investment unit with the liberalisation of the financial services sector.
'We are always open for any alliances, not necessarily in equity but in terms of developing the market (products and services),' he said.
Mr Abdul Wahid said Maybank will continue to expand its business by offering more innovative products and services to meet customers' requirements.
He said the liberalisation of the sector will not burden the local banks as the products and services offered by foreign banks are more based on corporate banking and capital market.
He also believed that local banks are ready for the free market given the stiff competition they have been facing over the years.
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The local banks already enjoy great competition with all the big names operating in Malaysia like Citibank, HSBC and Standard Chartered, including Kuwait Finance House and Al-Rajhi Bank, he said.
Mr Abdul Wahid said foreign banks would also have the opportunity to use Malaysia as a platform to expand their operations in the region. -- Bernama
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