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Thursday, 10 March 2016

Malaysia: RHB to grow Islamic banking organically

KUALA LUMPUR: Mergers and acquisitions (M&A) are not part of RHB Capital Bhd’s plan in growing its Islamic banking business at the moment.
The fourth largest banking group in Malaysia would instead remain focused on growing its Islamic banking operations organically, the group’s chief executive officer and managing director Datuk Khairusalleh Ramli said.
“We will focus on organic growth ... no M&A,” Khairusalleh said.
“Our target is to grow our Islamic assets to account for about 40% of our group’s total financing assets by 2017,” he told StarBiz on the sidelines after the signing ceremony to mark the collaboration between RHB Banking Group and Credit Guarantee Corp Malaysia Bhd (CGC) to offer a new product proposition targeting the small and medium sized enterprises (SMEs) here yesterday.
The tie-up between RHB and CGC would see the launch of he RHB Financial Supply Chain Portfolio Guarantee (RHB FSCPG) which provides working capital financing, specifically for SMEs who lack collateral in supporting their need for funding.
“The FSCPG is aimed at providing Malaysian SMEs that are involved in the distribution chain with working capital to grow their businesses at reasonable cost, without the need for any collateral.

“Through this strategic partnership with CGC, financing of up to RM1mil is available, partially backed by CGC. This product is targeted at Malaysian SMEs who lack collateral to support their working capital needs,” Khairussaleh said. He added that the FSCPG would provide SMEs, their vendors and suppliers a platform to manage their cash flow and inventory more efficiently, through its web-based capabilities.

(The Star Online / 10 March 2016)
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