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Wednesday, June 4, 2008

MBSB upbeat on 25% growth

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) is optimistic of achieving its internal target of at least 25% growth in its loans base this year, according to chief executive officer Ahmad Farid Omar.

Ahmad Farid Omar

This, together with a 15% revenue growth and maintaining a minimum return on equity of 7% formed the financier’s headline key performance indicators for the fiscal year ending Dec 31, 2008, which were filed with Bursa Malaysia.

Farid noted that MBSB’s share of the loans market was about 2%, which provided much room for improvement.

The financier’s niche lay in offering competitive loans for low medium to mid-cost residential properties, he said after the company AGM yesterday.

These properties are “sellable” as they cost less than RM500,000.

Furthermore, MBSB plans to enlarge the personal loan portfolio given its attractive margins. On average, it is approving about RM20mil worth of personal loans every month.

The financier had tied up with the National Heart Institute and Universiti Kebangsaan Malaysia Hospital to offer MBSB Assist, a special medical product, Farid noted.

It has also introduced a contract financing product to help small and medium businesses and revisited its bancassurance products.

MBSB would add by year-end seven new branches nationwide to the existing 27 outlets to reach out to more customers, Farid said.

On the entry of a foreign shareholder in MBSB, Farid said shareholders were informed during the AGM that a due diligence was currently under way.

However, no further details were provided, he said.

There were earlier reports that the Employees Provident Fund, which holds 54% of MBSB, was in talks with a party from the Middle East.

By The Star

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