Wednesday, November 14, 2012

MBSB ... Nov12

Over the years, it has evolved from giving out just home loans to providing retail and corporate loans as well as civil servant personal financing. Now (2012) it has set its sights on a banking license that will crystallize its status as a full fledged financial institution.

However its CEO said that it is no rush to get a banking license but is moving towards becoming a banking entity in the near future. At this juncture, it is tying up the loose ends and improving business operations so that MBSB will behave like a bank when it is ready the banking license.

In 2013 would be good for MBSB, among the gaps (moving towards being a bank) is the group’s capital. Currently (Nov 2012), it is doing to close the gap. The gaps are in business, operations, capital and everything else that requires it behave like a bank.

It has been adhering to BNM’s guidelines although it is not required to do so, as it prepares itself to be declared a bank.

A critical step for MBSB to become a bank is its target to go live with its new core banking system.

A banking license would be good for MBSB as it would formalize its best practices. MBSB is already in compliance close to compliance with most of the requirements, so it would not make much a difference.

A license would lower financing costs for MBSB and allow it to tap the interbank market. At the same time, it would open up new types of securities that MBSB could offer.

It is true that MBSB will have to comply with the stricter guidelines, but that will give shareholders more confidence in the company, knowing that it has regulatory oversight.

However other said that MBSB will not try and become a full blown commercial bank. MBSB is likely to continue to focus on its niche which has been very lucrative.

The company, in which the EPF has a 64% stake could always take the route of a development financial institution and be governed by the DAFIA instead of falling under the BAFIA.

MBSB is an exempt finance company that was given the green light by the MOF in 1972 to undertake a financing business in the absence of a banking license. It is not subject to BAFIA or BNM’s responsible lending guidelines but is answering to the MOF.

Unlike other financial institutions, MBSB may finance loans with a loan to value ratio exceeding 70% for a third mortgage and above, a ruling that was enforced in 2011. However personal financing accounted for the bulk of its current’s loans, amounting to rm16.78 billion of 65% of total loans as at Sept 30, 2012.

Be that as it may, MBSB’s growth has been impressive. MBSB’s NPL is also at a record low at 4.33%. On Dec 31, 2011 the NPL stood at 8.85%.

There were even rumors of a takeover by RHB Cap Bhd, in which the EPF has a 44.84% stake. However nothing has come of that and RHB Cap is in the midst of a merger with OSK Holdings Bhd.

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