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Tag: Maybank

  • Maybank Indonesia posts lower earnings in first half of 2018

    Maybank Indonesia posts lower earnings in first half of 2018

    Malayan Banking Bhd’s (Maybank) Indonesian unit PT Bank Maybank Indonesia Tbk’s net profit fell 6.6% to Rp932.7 billion (RM264 million) for the first six months ended June 30, 2018 compared with Rp998.5 billion in the previous corresponding period, due primarily to lower fee-based income and a slight compression in net interest margin (NIM).

    The bank recorded a loans growth of 6% to Rp127.1 trillion as at June 30, 2018 from Rp119.9 trillion in the previous year. Its sharia business saw solid growth of 42.2% to Rp23 trillion, making up 18.1% of its total loans.

    Asset quality improved significantly as reflected by lower gross and net non-performing loans (NPL) of 2.8% and 1.6%, respectively, as at June 30, 2018, compared with 3.6% and 2.4% in the previous year.

    Net interest income registered a 2.5% growth to Rp3.9 trillion in June 2018 compared with Rp3.8 trillion in the previous corresponding period, but NIM was marginally lower at 5.1% in June 2018 from 5.3% a year ago. On a quarterly basis, NIM improved 28 basis points from 4.8% in the first quarter of 2018.

    The capital adequacy ratio improved to 18.8% as of June 30, 2018 from 16.9% in the previous corresponding period with total capital reaching Rp24.7 trillion.

    Maybank Indonesia president director Taswin Zakaria said the bank continue to focus on growing its assets selectively while maintaining the discipline in loan pricing to ensure sound asset quality going forward.

    “Global banking continues to be the leading contributor to our asset growth; while our community financial services has now resumed an upward growth momentum as the bank sees opportunities in the retail and small medium enterprise segments. We expect to see further growth in this segment as we have recently embarked on our recalibrated retail business model.”

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  • SGX holds carnival at VivoCity this weekend for new investors

    SGX holds carnival at VivoCity this weekend for new investors

    The  Singapore Exchange (SGX) on Thursday said it will be holding its retail education event this weekend (May 26-27) at VivoCity’s Outdoor Plaza Atrium, as part of its ongoing efforts to educate new investors and encourage them to start investing.

    Targeted at NIBIs (not invested but interested) aged between 18 and 35 years old, the SGX “My First Stock Carnival” will take on a hands-on and interactive approach to educate investors on how to embark on their financial literacy journey, the Singapore bourse said.

    CGS-CIMB, iFAST Singapore, Lim & Tan, Maybank Kim Eng, PhillipCapital and RHB Securities will be setting up booths at the carnival to help participants open accounts, or answer any questions they may have about investing.

    An SGX “My First Stock Guidebook” will also be distributed along with a goodie bag at the carnival, and attendees will have the opportunity to interact with industry specialists and retail brokers, as well as familiarise themselves with SGX’s investing resources.

    Chan Kum Kong, SGX’s head of research and products, equities and fixed income, noted that there has been a trend of young investors becoming more active in investing.

    Added Mr Chan: “Our data shows that the traded value per month per investor aged 25 years old and younger saw an increase of 32 per cent in the first quarter of 2018 over the same quarter in 2016; the number of trades per month for the same group also saw an increase of 17 per cent over the same time period.”

    The carnival, which marks its fifth edition this weekend, will also be complemented by a week of investment workshops.

    The “My First Stock Carnival Investment Week” to be held at the SGX Auditorium, will feature speakers from SGX Academy and broking firms in a series of panel discussions held on May 28, May 30 and June 1.

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  • Grab Malaysia partners Maybank for mobile wallet launch

    Grab Malaysia partners Maybank for mobile wallet launch

    Grab announced a strategic partnership with Maybank to drive the acceptance and usage of Grab’s new cashless payment method, the GrabPay mobile wallet.

    The announcement comes as Grab, which received its e-money license from Bank Negara Malaysia in December 2017, is set to launch its GrabPay mobile wallet in beta in the coming weeks.

    With the partnership and support of Maybank, Grab consumers will not only be able to use GrabPay mobile wallet at GrabPay merchants, but will also be able to eventually use their mobile wallet at Maybank’s key merchants thereby making GrabPay accepted at a wider network of merchants.

    Similarly, Maybank customers will also eventually have the option of paying via Maybank QRPay at GrabPay merchants.

    Through the partnership, consumers will soon also have the added convenience of directly topping-up cash to their mobile wallet via Maybank2U.

    Maybank group president and CEO Datuk Abdul Farid Alias said that the collaboration with Grab is part of Maybank’s ongoing efforts to provide customers with even more digital conveniences that would not only enrich their online experience but also enhance their lifestyles.

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  • Maybank Indonesia’s Q1 top line rises 3.6 pct

    Maybank Indonesia’s Q1 top line rises 3.6 pct

    PT Bank Maybank Indonesia Tbk (Maybank Indonesia) today reported that its operating income after provisions increased to 682 billion rupiah for the first quarter ended March 31, 2018 compared with 633.9 billion rupiah recorded in the previous corresponding period.

    In a statement, Maybank Indonesia said its profit after tax and minority Interest (PATAMI) stood at 463.1 billion rupiah for Q1, slightly lower than the 490.1 billion rupiah recorded in the same quarter a year ago.

    Gross operating income rose 3.6 per cent to 2.5 trillion rupiah for the three months.

    Maybank Indonesia said its operating income after provisions increased by 7.6 per cent and the bank’s top line grew 3.6 per cent supported by continued improvement in operational efficiency in line with its Strategic Cost Management Programme, as well as fee based income expansion, improvement in provisioning levels, growth in Sharia business and improvement in subsidiaries.

    Sharia Banking continued to record strong performance in the first three months of 2018 with total assets increasing by 25.7 per cent to 27.1 trillion rupiah, making up 15.4 per cent of the itss total assets.

    Total financing rose 41.6 per cent from 14.3 trillion rupiah as of March 2017 to 20.2 trillion rupiah as of March 2018, while its total deposits grew 44.1 per cent to 17.5 trillion rupiah from 12.1 trillion rupiah.

    It said Non Performing Financing improved significantly to 3.2 per cent as of March 2018 compared with 4.6 per cent in the previous year.

    The bank recorded a moderate loans growth of 2.2 per cent to 122.5 trillion rupiah as at March 31, 2018 from 119.9 trillion rupiah the previous year.

    Global Banking loans recorded growth of 6.2 per cent to 27.6 trillion rupiah as of March 2018 from 26 trillion rupiah as of March 2017.

    Maybank Indonesia said its customer deposits grew by 2.7 percent year-on-year with current accounts growing strongly at 27.3 per cent year-on-year, lifting the CASA (current account savings account) ratio to 39.7 per cent.

    On March 15, 2018, the bank also issued Shelf Registered Bonds II Bank Maybank Indonesia Tranche II Year 2018 amounting to 645.5 billion rupiah to support its business expansion.

    Maybank Indonesia has maintained its robust liquidity profile with its loan-to-deposit ratio remaining at a healthy level of 85.6 per cent and liquidity coverage ratio at 176.4 per cent as of March 2018, far in excess of the mandatory minimum of 90 per cent.

    Maybank Indonesia president director Taswin Zakaria said the bank will continue to grow its assets selectively to ensure sound asset quality going forward.

    “Our Global Banking continues to be the leading contributor to our assets growth.

    “The Sharia First strategy adopted by the Bank since 2014 continues to deliver impressive results.

    “However, we expect our CFS (Community Financial Services) portfolio to gradually strengthen in the coming quarters as we see opportunities in the retail and small medium enterprise segments.

    “This will be further underpinned by our recent initiative in transforming our retail business model,” he said.

    Maybank Group president and chief executive officer Datuk Abdul Farid Alias said the first quarter results demonstrate Maybank Indonesia’s resilience in growing its revenue despite the increasingly competitive market in the country.

    “The bank has firmly embedded sustainable business development strategies which cover retail transformation, digital banking enhancement, culture transformation as well as asset quality selection which will ensure continued value creation for all our stakeholders.

    “The outlook for the medium term remains challenging; but we are optimistic that we can manage the risks and ensure steady growth of our business in the coming quarters,” said Farid.

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  • Boom time for Thailand internet shopping

    Boom time for Thailand internet shopping

    As consumers become more tech savvy, Thailand internet shopping has boomed.

    Online retail sales in Thailand are more than doubling annually, whereas traditional stores are seeing only about 10 per cent growth.

    This is attributed to a combination of stronger and faster internet speeds in Thailand plus the success of online merchants such as Lazada.

    Thailand mobile-phone company Total Access Communication estimates Thais spend up to six hours a day on social media websites like Facebook and Youtube.

    Corporate financial services company Maybank Kim Eng Holdings says Thailand is the only Southeast Asian country that includes an online category for retail sales data.

    While online sales in Southeast Asia have been growing strongly, they still account for less than 4 per cent of overall retail purchases, according to a Maybank report by economists Chua Hak Bin and Lee Ju Ye.

    Larger markets, like China and South Korea, already have higher penetration rates of online retailing at 16 and 18 per cent respectively. They say this shows the potential for Southeast Asia, where e-commerce sales could reach 5 to 10 per cent of overall retail purchases over the next five years.

    Meanwhile, Alibaba Group Holding founder Jack Ma has joined a government panel in Indonesia that has the task of steering the e-commerce industry in Southeast Asia’s most-populous nation. Macquarie Research estimates online retailing in the country could reach $65 billion by 2020.

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  • Maybank Indonesia Patmi up 16.3% in 1H

    Maybank Indonesia Patmi up 16.3% in 1H

    Malayan Banking Bhd’s (Maybank) Indonesian unit PT Bank Maybank Indonesia Tbk (Maybank Indonesia) posted a 16.3% year-on-year (y-o-y) rise in profit after tax and minority interests (Patmi) to 998.5 billion rupiah (RM320.7 million) for the first six months ended June 30, 2017 (1HFY17), from 858.4 billion rupiah, on an overall improvement in its core banking business.

    In a statement yesterday, Maybank said Maybank Indonesia’s net interest income rose 7% y-o-y to 3.8 trillion rupiah in 1HFY17, from 3.6 trillion rupiah, mainly due to the bank’s discipline in loan pricing and active funding management.

    The net interest margin improved to 5.3% in June 2017, compared with 5% in June 2016, while fee-based income grew 9.1% to 1.5 trillion rupiah from 1.3 trillion rupiah.

    “I am pleased the bank continued to show encouraging improvement for the first semester despite the challenging macroeconomic environment,” Maybank group president and chief executive officer Datuk Abdul Farid Alias said. He is also Maybank Indonesia’s president commissioner.

    Maybank Indonesia’s global banking loans grew 18.9% to 27.3 trillion rupiah in June this year, as a number of key deals were successfully realised.

    Its community financial services (CFS) non-retail loans, which comprise micro, small and medium enterprises, and business banking, grew by 2% to 50.1 trillion rupiah. However, due to a slowdown in consumer spending, CFS retail loans declined 6.4% to 42.5 trillion rupiah, the banking group added.

    Maybank Indonesia’s asset quality was also maintained, with the consolidated non-performing loan (NPL) level remaining at 3.6% (gross) and 2.4% (net) as of June 2017, compared to a year earlier. Provision expenses declined by 15.7% to 835.8 billion rupiah in June 2017, from 991.1 billion rupiah in June 2016.

    The loan-to-deposit ratio (bank only) stood at a “healthy” 86.7%, while the loan-to-funding ratio (bank only) was at 85.9%. Total customer deposits grew 5%, from 114.1 trillion rupiah in 1HFY16 to 119.8 trillion rupiah in 1HFY17, with the current account and savings account ratio reaching 37.4%.

    Maybank said its Indonesian unit’s continuous focus on transactional banking and electronic channels, which include its Internet-based mobile banking facility Maybank M2U, also “contributed greatly” to the improved liquidity position.

    Syariah banking also continued to perform in 1HFY17, said Maybank, with net profit growing 95.9% to 384.9 billion rupiah in June 2017, from 196.4 billion rupiah in June 2016.

    “Total syariah financing rose 49%, reaching 16.2 trillion rupiah in June 2017, compared with 10.8 trillion rupiah in June 2016, while deposits jumped 41.4% to 13.5 trillion rupiah from 9.6 trillion rupiah,” Maybank said.

    Meanwhile, Maybank Finance reported a 20.4% rise in profit before tax to 174.9 billion rupiah in June 2017, from 145.2 billion rupiah in June 2016, with a 21.9% rise in consumer financing (stand-alone) to 6.7 trillion rupiah from 5.5 trillion rupiah. In terms of asset quality, gross and net NPLs stood at 0.4% and 0.3% respectively.

    “Our strong first-semester results clearly reflect the steady improvement in our core business performance as strong fundamentals, rigorous risk management practices, as well as a disciplined approach towards pricing and growth are well in place,” said Maybank Indonesia president director Taswin Zakaria.

    The bank is confident of seeing sustainable profit growth in the remainder of 2017, he added.

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  • Maybank anticipates 35% rise in 2017 retail SME financing

    Maybank anticipates 35% rise in 2017 retail SME financing

    Malayan Banking Bhd is anticipating financing to the retail small and medium enterprise (SME) segment to jump 35% this year — compared with 27% last year — which will up the segment’s loan portfolio to RM16.8 billion by year end.

    The growth is expected to be driven by business property-based loans, portfolio guarantee (PG), trade finance, commercial cards, micro credit and SME deposits, said Maybank’s community financial services (CFS) head in Malaysia, Datuk Hamirullah Boorhan, in a statement today.

    This retail SME segment typically comprise businesses with turnover of RM25 million and below, and is a key component to the banking group’s CFS portfolio, said Hamirullah.

    Some 61% of the segment’s financing last year comprised Islamic financing, with the remainder made up by conventional loans.

    To support the segment’s growth, Maybank is raising its number of seminars under its ‘Building Capacity & Capability’ Programme, which is now in its 3rd year, to 15 seminars in 2017, compared with just eight seminars last year.

    The programme is aimed at enabling retail SMEs to better understand the banking facilities available to them and how they can leverage on these services to grow their businesses, said Maybank.

    “The half day sessions are jointly hosted by industry experts, as well as financial advisors from Maybank who provide insight into traditional banking products, as well as new opportunities available through online and digital platforms.

    “Participants [will] also benefit from business insights and financial tips shared by renowned speakers, as well as joint business networking sessions with other SMEs and field experts,” the statement read.

    “Given our wealth of experience in serving this segment, we are confident that we can help the retail SME segment run their businesses more effectively, manage their cash flows better and leverage new-age technology to take their businesses to the next level,” said Hamirullah.

    This year, Maybank is roping in local market expert Aladdin Street.Com to share on the impact of e-commerce and globalisation, while Credit Guarantee Corporation Malaysia (CGC) will also be present to provide direct assistance to participants.

    “With the wealth of opportunities expected from the implementation of the Digital Free Trade Zone, we want to ensure that local SMEs are sufficiently equipped with knowledge and resources to benefit from the expected boost in e-commerce growth in Malaysia,” said Hamirullah.

    “Our BCC programme will cover 15 sub-urban locations nationwide over the next six months and reach out to more than 1,200 entrepreneurs,” he said.

    “We will also include informative knowledge sharing sessions such as on the e-Commerce halal marketplace, M2uPay solution, access to CGC financing and portfolio guarantee, as well as marketing and branding tips,” he added.

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  • Maybank CEO Farid becomes Maybank Indonesia president commisioner

    Maybank CEO Farid becomes Maybank Indonesia president commisioner

    Maybank Indonesia Tbk on Monday announced the appointment of Malayan Banking Bhd (Maybank) group president and chief executive officer Datuk Abdul Farid Alias as its new president commissioner (similar to a chairman’s position).

    Maybank Indonesia head of corporate communications and branding, Esti Nugraheni, said in a statement that Abdul Farid was taking over from Tan Sri Megat Zaharuddin Megat Mohd Nor after an AGM held on Sunday accepted his resignation.

    The AGM also approved the appointment of Restiana Ie Tjoe Linggadjaya as director, succeeding Ghazali Mohd Rasad who completed his term of service.

    “The board would like to thank Tan Sri Megat and Ghazali for their dedication to Maybank Indonesia, and welcome the new members of our board of commissioners and board of directors,” it said.

    Maybank Indonesia also announced that the bank recorded a 71.0% increase in net profit to Rp1.95 trillion (RM3.3 billion) for the financial year ended Dec 31, 2016 compared with Rp1.14 trillion achieved in the previous corresponding year, despite the economic slowdown.

    Maybank Indonesia is one of the largest banks with 428 branches including Syariah branches and micro functional offices across Indonesia.

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  • Maybank Indonesia sells stake in WOM Finance to Reliance Capital Management

    Maybank Indonesia sells stake in WOM Finance to Reliance Capital Management

    Private lender Maybank Indonesia has sold all stakes in motorcycle financing firm Wahana Ottomitra Multiartha (WOM Finance) to Indonesian financial services provider Reliance Capital Management in a deal worth Rp 673.8 billion (US$50.71 million).

    Maybank announced on Thursday that it had signed a conditional share purchase agreement with Reliance Capital Management on Jan. 11 to sell 2.39 billion shares—equal to 68.55 percent stake—in WOM Finance.

    “The transfer of shares is one of the company’s strategic initiatives to maximize the company’s capital allocation and to streamline customer segmentation, so they can contribute to the optimization of the company’s resources,” Maybank wrote in a statement submitted to the Indonesia Stock Exchange (IDX).

    The share transfer is expected to be completed in the first quarter of 2017, after both companies fulfill all terms listed in the agreement.

    Data from Maybank said the automotive slowdown in the past few years had dragged down its own financial performance, as WOM posted poor results.

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  • Maybank launches mobile money transfer service in Malaysia with Western Union

    Maybank launches mobile money transfer service in Malaysia with Western Union

    Maybank and Western Union have launched a digital remittance service in Malaysia via the Maybank2u (“M2u”) mobile banking app and Maybank’s website.

    The service enables Maybank customers to transfer money to more than 500,000 Western Union® Agent locations in over 200 countries and territories. The money transfer service is available 24 hours a day and customers to transfer up to RM10,000 daily. Recipients will be able to receive money quickly after it is wired by the sender.

    “This new service reflects the same commitment we have as Western Union in providing consumers the best in cross-border financial services. Maybank customers are now able to enjoy fast, convenient and reliable cross-border remittance transfer services digitally around the world,” said Maybank Group Head, Community Financial Services, Datuk Lim Hong Tat.

    “We have revolutionised the money transfer processes for Maybank customers when comparing with current practice where they need to visit a Western Union Agent location in order to transfer money. Now, all they need to do is log in to the M2u App and select the Western Union service, and they are good to go,” added Lim.

    Lim added that new service will help the bank to grow its digital transactions business.

    Bassem Awada, Western Union Vice President for Key Initiatives, Middle East, Africa, Asia Pacific, Eastern Europe and CIS, said, “This mobile banking app not only grows our relationship with Maybank, but also strengthens our position in Malaysia’s cross-border money transfer market. The combination of Maybank’s strong presence in digital banking and Western Union’s growing digital network, geographic reach and ability to exchange in 130 currencies enables us to move money quickly and reliably.”

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  • One of SEA’s leading banks teams up with Powerman for two duathlon events

    One of SEA’s leading banks teams up with Powerman for two duathlon events

    Maybank, South East Asia’s fourth largest bank, and Powerman Philippines, the Philippine affiliate of the International Powerman Association (IPA), are hosting two duathlon race events in the Philippines this year.

    The first race, which was held last November 20, 2016 at the SM Mall of Asia by the Bay, Anytime Fitness Powerman Philippines Asian Invitational was co-presented by Maybank. Professional duathletes Jason Loh and Su Teoh from Malaysia and Airi Sawada from Japan flew in to be part of the race’s Elite Category.

    Maybank is also the title presentor of the Powerman Philippines World Series which will be held on December 3 and 4 at the Clark Freeport Zone in Pampanga. Ten professional duathletes including Powerman World from all over the globe including the two-time Powerman World Champion and Powerman Philippines Ambassador Gael Le Bellec three-time and defending Powerman World Champion Emma, and defending Powerman World Champion Seppe Odeyn will fly to the Philippines for this race.

    Aside from having a Powerman Short, this event will also feature the Powerman Classic (10 km run– 60 km bike –10 km run), the Powerkids (for kids ages 6-12) and the Powerteens (for teens aged 13-19).

    The Maybank Powerman Philippines World Series is also a qualifying event for the Powerman Duathlon World Championships to be held in Zofingen, Switzerland in 2017. The event attracts a host of professional and highly competitive age-group athletes, seasoned multi-sport athletes who want to take on a different challenge, and athletes who have just started in the multi-sport category.

    “Maybank welcomes this partnership with Powerman Philippines,” according to Richard C. Lim, Executive Vice President and Head of the Retail Business Group of Maybank Philippines, Inc. “Maybank prides itself in being at the heart of the communities we are present in. Being associated with this important sporting event, with almost 3,000 participants in both races, and leveraging on this type of sports sponsorship platform can definitely help elevate our brand in the Philippines. We are excited by the fact that the biggest event, the Powerman Philippines World Series, will be held in Clark where Maybank has one of its largest branches in North Luzon, an area where we have a strong branch network, the largest of any foreign bank in the country.”

    Mr. Lim added, “Endurance sports are gaining popularity in the country and Maybank wants to capitalize on this and become associated with the positive values that sporting events promote.”

    “The inclusion of Maybank definitely adds prestige to both Powerman events this year,” says Owen Gan, President of Powerman Philippines. “Being one of the largest banks in South East Asia, Maybank will definitely help Powerman in gaining popularity in the Philippines, and eventually in the region, especially now that there are more Powerman events lined up for 2017.”

    Part of the proceeds of Powerman will go towards buying bicycles and other gear for the Batang Tri Grassroots program that supports young individuals who do not have the financial means to enter the world of multi-sports.

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  • India auto sales soar 20% in September ahead of festive seasons

    India auto sales soar 20% in September ahead of festive seasons

    Demand is expected to slowdown in the coming months, however.

    During Sep-16, domestic sales of passenger vehicles rose 20% YoY and two wheelers grew 22% YoY, ahead of Diwali and Dussera in Oct-16.

    MayBank KimEng’s channel checks suggest the demand for automobiles is 10% more than in the previous two festive seasons.

    “We expect demand to normalize lower in Nov and Dec as dealers start cutting inventories,” it said in a report.

    The Society of Indian Automobile Manufacturers (SIAM) confirmed the uptrend by revising up its sales growth forecast to 10-12% for FY17 from 6-8%.

    “We will wait for two more months of retail sales data before deciding whether to revise up our growth forecasts,” said MayBank KimEng.

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  • Maybank joins up with Samsung Pay

    Maybank joins up with Samsung Pay

    Singapore’s Maybank has joined the Samsung Pay bandwagon to help meet its goal of strengthening its digital presence across the region.

    Launched in partnership with Samsung Electronics Singapore, the deployment will enable customers to use their Maybank credit and debit cards to perform transactions at most point‐of‐sale (POS) terminals in Singapore.

    This mobile wallet deployment is expected to bring greater payment convenience to Maybank’s Singapore customers.

    In conjunction with the launch, Maybank Singapore will be offering special promotions for its customers including cash rebates, lucky draws and 1‐for‐1 promotions.

    CEO, Maybank Singapore, Datuk Lim Hong Tat said this partnership with Samsung forms part of Maybank’s digital roadmap for its regional operations, with Singapore being the first ASEAN market to launch Samsung Pay.

    Group Chief Strategy Officer of Maybank Michael Foong, said, “Over 40% of our customers in Singapore are now transacting using their Maybank Singapore contactless credit cards, and cardholders here can now use this Samsung Pay facility virtually anywhere in the world 1 where credit or debit cards are accepted.”

    The launch of Samsung Pay in Singapore follows the bank’s introduction of its mobile wallet in Malaysia last month, and will be followed by the progressive roll‐out of other digital initiatives across the region.

    Other past initiatives include the launch of mobile banking apps with augmented reality in some regional markets, biometric authentication, cardless withdrawals, “e‐ang pows” for festive gifts and even hackathon events for the tech community.

  • Allianz secures distribution rights with Malaysia’s Maybank

    Allianz secures distribution rights with Malaysia’s Maybank

    Allianz is hoping the agreement will give access to Maybank’s 4 million customers in Asia. The insurer said it has jointly developed three life insurance products with Maybank which includes a unit-linked life insurance product compliant with Islamic Shariah law, a single-premium investment product and a life policy which combine protect with investment. “This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority.

    We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said Allianz’s regional chief executive for Asia Pacific, George Sartorel, in a statement on Tuesday. Under the collaboration, a team of more than 150 insurance advisers will sell the products to Maybank clients via their retail branches. Joachim Wessling, chief exectuive of Allianz Life Indonesia said: “This cooperation between two outstanding companies combines our strengths in providing world-class services and solutions, to deliver insurance protection tailored to our customers’ needs. We look forward to working closely with Maybank to secure a safer future for our customers in Indonesia.”

    Last week, it emerged that Allianz and France’s Axa are locked in a bidding war to acquire the 15-year distribution rights to sell insurance products through Standard Chartered’s channels in Asia. Meanwhile, Hanwha Life, South Korea’s second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector.

  • Bursa Malaysia opens slightly higher

    Bursa Malaysia opens slightly higher

    Bursa Malaysia opened slightly higher on Tuesday, extending yesterday’s gains but mild profit-taking in selected heavyweights limited the gains, dealers said.

    At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.40 point better at 1,673.08, after opening 1.84 points higher at 1,674.49.

    Gainers outpaced decliners 148 to 64, while 193 counters were unchanged, 1,281 untraded and 26 others suspended.

    Turnover stood at 119.87 million shares worth RM45.70 million.

    In a research note today, RHB Retail Research maintained its bearish short-term outlook for the index, saying buying interest was still weak.

    “The index has not climbed above the recent high of the 1,675.50-point resistance mentioned since two weeks ago.

    “On a technical basis, as long as the bearishness of July 21’s ‘Tower Top’ pattern is not negated, we believe that the sellers still have control of the market,” it said.

    The FBM Emas Index rose 4.97 points to 11,741.69 and the FBMT 100 Index was up 3.61 points at 11,440.04.

    The FBM Emas Syariah Index increased 17.87 points to 12,373.70, the FBM 70 rose 7.46 points to 13,466.39 but the FBM Ace slipped 14.89 points to 5,469.39.

    Sector-wise, the Industrial Index gained 10.13 points to 3,160.24, the Plantation Index rose 6.63 points to 7,680.66 but the Finance Index was 11.95 points lower at 14,335.64.

    Among heavyweights, TNB, Maybank and IHH Healthcare were flat at RM14.58, RM7.98 and RM6.59 respectively, while Public Bank shed two sen to RM19.62.

    Of the actives, MBSB and PDZ Holdings advanced one sen each to 93 sen and 9.5 sen respectively, Konsortium Transnasional went up two sen to 18 sen while Vivocom Intl was flat at 29 sen.

    The physical price of gold as at 9.30am stood at RM167.34 per gramme, up 21 sen from RM167.13 at 5pm yesterday.

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