Public Bank Bhd sets target for Islamic subsidiary

16 March 2007

Malaysian Public Bank Bhd aims to open an Islamic banking subsidiary within a year, according to the company's co-chairman.

The target for the opening of the company was revealed at an AGM for shareholders, where Public Bank revealed it was developing a raft of Islamic products in the fields of trade finance and wealth management.

News of the bank's targets for expansion comes after annual figures revealed a 9.3 per cent increase in its income from Islamic banking last year.

Tan Sri Thong Yaw Hong said: "The potential for Islamic banking business is very good. Public Bank expects the Islamic banking and finance division to contribute a higher proportion of our income in future as we expand this business."

In another speech, company chairman Tan Sri The Hong Piow outlined plans for expansion of the bank's retail banking presence in Asia, which is set to involve the opening of an extra ten to fifteen branches in Hong Kong and five in Cambodia.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development