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Maybank Unveils New Kim Eng Corporate Identity, New Management Line-Up
Last update: 24/11/2011

KUALA LUMPUR, Nov 24 (Bernama) -- Maybank Group has unveiled a new corporate identity for Kim Eng and announced a new management line-up, setting its aspiration to be the premier investment banking service provider in Asean by 2015.

This followed the completion of the S$1.79 billion acquisition of the securities and investment broking group earlier this year, a deal which was awarded the Best Deal in Singapore in The Asset Triple A Country Awards 2011.

In a statement Thursday, Maybank said Kim Eng would be known as Maybank Kim Eng and would adopt the tiger symbol as its new corporate identity and embrace the yellow colour of group.

"It would also retain its corporate name for now in Singapore, Hong Kong, India and Indonesia, reflecting only the new symbol and colour, pending further regulatory approvals," it said.

Maybank has named the current chief executive officer (CEO) of Maybank Investment Bank, Tengku Datuk Zafrul Tengku Aziz, CEO of Maybank Kim Seng to oversee its global activities in 11 countries.

It has named Ronald Ooi executive advisor of Maybank Kim Seng and Tan Pei-San as head of international business to oversee the operations in Philippines, Hong Kong, Vietnam, India, UK and US.

Maybank president/chief executive officer, Datuk Seri Abdul Wahid Omar, said this transaction was more than just the merging of two entities.

"Our strengthened position and significant footprint across the region, together with the talent and expertise of the new team will lead the expansion of our business.

"We will be able to complete aggressively and play a leading role in the regional capital markets," he said.

He said the anticipated synergies resulting from this transaction included cross-selling within the expanded client base, improved investment banking and underwriting capabilities and efficiencies in cash management support.

"Kim Eng can leverage on Maybank's balance sheet and also enjoy lower cost of funds, and following the acquisition, Maybank will have stronger regional network and access to the Thai market," he said.

Abdul Wahid said the Kim Eng acquisition was timely and strategic investment to steer its course for the investment banking arm to becoming a regional financial powerhouse.

-- BERNAMA

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