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Tag: Rakyat

  • Indonesia’s Bank Rakyat Receives Bids for Life Insurance Unit

    Indonesia’s Bank Rakyat Receives Bids for Life Insurance Unit

    Talk are ongoing and an agreement could be made in the next few weeks. The insurance arm of the French bank BNP Paribas and Hong Kong insurance group FWD are said to be among the parties that have bid on a significant minority stake in Asuransi BRI Life, the life insurance arm of Indonesia’s Bank Raykat, Bloomberg reported on Thursday.

    BNP Paribas Cardif has reportedly submitted the highest bid, according to people familiar with the matter, the report said.

    According to the publication, this is at least the third attempt by the bank, Indonesia’s oldest lender, to sell a stake in the unit.

    FWD and BNP Paribas Cardif were already among interested parties when Bank Rakyat tried to sell 40 percent of the unit in 2015. It revived the plan in 2018, hiring Morgan Stanley to advise on the process, though it was put on hold. It revived the plan to sell a $500 million stake in March this year.

  • Bank Rakyat appoints new MD and president

    Bank Rakyat appoints new MD and president

    Former Affin Bank group CEO and managing director Datuk Zulkiflee Abbas Abdul Hamid has been appointed Bank Rakyat’s managing director and president effective since yesterday.

    Zulkiflee, who has also served on the board of directors of Maybank Islamic, held the role of group CEO and managing director of Affin Bank from 2009 to 2015.

    On his plans for Bank Rakyat, Zulklifee said:“Give me a chance to explore what is available in Bank Rakyat. I might be able to provide a more comprehensive action plan after that as I have just begun my role as managing director and president of Bank Rakyat

    “I have large shoes to fill, but it is not an impossible task. With the team that I have, I should be able to come up with something soon,” he said.

    Zulkiflee has served on a number of industry committees, including as council member of the Association of Banks Malaysia as well as chairman of the audit committee of Malaysian Electronic Payment System or MEPS.

    He holds a Master in Business Administration and a Bachelor of Science in Marketing, both from Southern Illinois University, in the United States.

    Zulkiflee has served as advisory council member of the Insaniah Global Centre for Islamic Banking and Finance, member of the board of trustees of Yayasan Budiman UiTM, as well as treasurer of Tabung Pendidikan 1 Bilion.

    Bank Rakyat chairman Tan Sri Shukry Mohd Salleh said that the bank is looking forward to capitalising on Zulkiflee’s vast experience in the field of credit management, enterprise banking and corporate banking to grow the bank as an Islamic cooperative bank.

    Meanwhile, Bank Rakyat chief retail banking officer Mohd Shahril Isa has clarified that Bank Rakyat’s memorandum of understanding (MoU) signed with Bank Rakyat Indonesia (BRI) in February was only for the expansion of its remittance services.

    “The MoU is for cooperation works, not a merger.

    “We are not going to open a new business in Indonesia.

    “Instead, we are only expanding our remittance services to Indonesia by using BRI as our platform as BRI has a large network covering all the islands there,” said Shahril.

    Bank Rakyat’s remittance services in Indonesia will begin in the second or third quarter of the year.

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