Tuesday, March 19

Maybank Investment, Kim Eng integration progressing well, to be completed end-2012


WIDER EXPANSION: Tengku Zafrul says Maybank Investment is looking at leveraging its network in Southeast Asia in order to offer its clients with Asean products.

KUALA LUMPUR: The integration between Maybank Investment Bank Bhd and Singapore broker, Kim Eng Holdings, are now in stage two and is progressing well.

Maybank Investment Bank chief executive officer Tengku Zafrul Tengku Abdul Aziz said the integration phase followed completion of Maybank’s acquisition of Kim Eng in May.

“All the teams across the country are putting together from the front to the back office. The integration will take about 12 to 18 months. By end of next year, the integration should be completed,” he told reporters at the SIFE Malaysia Foundation event officiated by International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir.

Tengku Zafrul said the integration process needed time as it entailed various work stream, adding that the business was as usual because it was more on operational issues.

He said the integration part was important to realise the synergy between Maybank Investment, Kim Eng and PT Bank Internasional Indonesia (BII) in Indonesia, Maybank Philippines Inc and Maybank Singapore.

This, he said, was to make sure Kim Eng entities in these countries could leverage on each other, like for example Maybank Investment levereging on Maybank.

He said Maybank Investment was looking at leveraging its network in Southeast Asia in order to offer its clients with Asean products, “For example, if you want to trade in Thailand or Indonesia, now can trade through us. Last time, it was more difficult, you have to use our partner brokers,” he said.

Tengku Zafrul was appointed chairman of the board of trustees of SIFE Malaysia Foundation. — Bernama