Asian Finance Bank plans more branches
October 4 2007
ASIAN Finance Bank Bhd (AFB) plans to open six branches in Malaysia in three to five years, its chief executive officer Faisal Alshowaikh says.
For a start, the bank will open one by the end of this year in Johor Baru and another two next year in "major industrial cities".
The foreign Islamic lender currently has one branch in Malaysia - Kuala Lumpur.
"We are gauging the market. Our core business is corporate investment banking ... we are targeting corporate clients," he said after signing an agreement with Amanahraya Investment Bank Ltd to develop a marine fund in Kuala Lumpur yesterday.
He said AFB also expects to start operations in Indonesia in the first quarter of next year, with a representative office.
AFB's plan is to expand into neighbouring countries and other parts of Asia using Malaysia as a hub.
AFB is one of only three foreign Islamic lenders in Malaysia, the other two being Kuwait Finance House and Saudi Arabia's Al-Rajhi Banking and Investment Corp.
The bank, which commenced operations here on January 19 this year, is backed by a consortium of leading Middle Eastern investors, namely Qatar Islamic Bank (70 per cent), RUSD Investment Bank Inc of Saudi Arabia (20 per cent) and Global Investment House of Kuwait (10 per cent).
It has an authorised capital of RM1 billion and its current paid-up capital is RM355 million.
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