Monday, October 1, 2012

Maybank ... Oct12

It is not the buyer of the 7.6% stake in the Bank of Ayudhya, quelling speculation that Malaysia’s largest financial group, in terms of assets, having made inroads into a Thai Bank. GE Capital’s regional spokeman said it is not sold to one party. It is dong an evaluation on strategic options with regard to the remaining stake.


Market observers said it is unlikely to purchase the 25.3% stake in Thailand 's fifth largest bank, the Bank of Ayudhya pcl, if it were up for sale.

Maybank would be “better off” with an outright purchase of an entire bank. The 25.3% stake currently owned by General Electric Co (GE) may not allow Maybank to assume absolute control of the Thai bank.

It was reported that GE had sold a 7.6% stake in Bank of Ayudhya and may consider selling the rest of its stake, which amounts to 25.3%, to a strategic investor. The 7.6% stake was sold to institutional investors. Maybank together with the New Zealand Banking Group were reported to be among banks that were approached by GE after it wanted to review its 32.9% stake in Bank of Ayudhya, prompting speculation Maybank may be interested in the Thai bank.

Maybank like its banking peers is also conserving capital in order to meet the new capital requirements under Basel III which will be implemented early 2013. Hence, do not foresee it utilising a significant portion of its capital to acquire a non-majority stake in Bank of Ayudhya.

GE's 25.3% stake in the bank is worth some US$1.65bil.

Maybank does hold minority stakes of 20% each in banks in Vietnam and Pakistan . In 2008, it purchased a 15% stake in Pakistan 's MCB Bank Ltd from Nishat Group for RM2.17bil with an option to increase that stake to 20% after a year. It also bought in the same year a 15% stake in Vietnam 's An Binh Commercial Joint Stock Bank for RM430mil and later increased the stake to 20%.

Meanwhile, Maybank has also reiterated (late Sept 2012) its interest for a stronger foothold in the Thai banking market. Currently (Sept 2012), it has a presence in Thailand via Maybank Kim Eng Securities ( Thailand ).

Maybank intends to have a complete banking presence in Asean by 2015, in line with its target to become a regional financial player.

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