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Logo of Phnom Penh Post newspaper Phnom Penh Post - Maybank, OSK deal reported

Maybank, OSK deal reported

MAYBANK saw its outstanding loans in Cambodia decline 11 percent quarter on quarter, the bank said, as reports surfaced that it was keen to buy fellow Kingdom operator OSK Holdings.

Maybank’s outstanding portfolio in the Kingdom stood at 240 million ringgit (US$77 million) at the end of September, down from 271 million ringgit at the end of June, according to results published late last week.
Earlier this month, Maybank

Country Head Jubely Pa told The Post that in the year to date its total assets in the Kingdom had however risen more than “8 percent” year on year to $137 million.

According to a report published by Malaysia’s The Edge Financial Daily last week, Maybank has been keen to acquire OSK Holdings – the parent company of OSK Indochina, which was approved as an underwriter for the planned Cambodian stock exchange late last month.

But on Thursday, OSK Holdings released a statement to Kuala Lumpur stock exchange saying it has not entered into any “serious” talks on a takeover.

“The company has not entered into any serious or exclusive negotiations with any party with regards to any form of equity or strategic partnerships,” it said in a statement.

It added it continued to seek opportunities “in line with our mission to serve our clients better and enhance our shareholders value”.

Maybank declined to comment on whether it was in talks with OSK, but said it “continuously seeks and assesses various propositions and opportunities” that would bolster its ambition to be a regional financial services leader.

Global profits at Maybank – Malaysia’s largest lender, which has been operating in Cambodia since 1993 – rose 17 percent for the most recent quarter, the filing on Friday showed.

“We expect our performance for the financial year ending June 30, 2011, to be better than last year,” Maybank Chief Executive Officer Abdul Wahid Omar said in a statement.

“This quarter’s results continue to bear testimony to the group-wide transformation efforts we have embarked on since 2008.”

Net income rose to 1.03 billion ringgit or 14.53 sen a share, for the quarter, from 881.8 million ringgit, or 12.46 sen, a year ago, the lender said. That was helped by higher interest rates and increased contributions from its Indonesian unit following earlier losses.

During the last two years,  Maybank in Cambodia has expanded.

It now has eight branches operational in Phnom Penh, Sihanoukville, Siem Reap, Battambang and Kampong Cham. Maybank plans to open two more branches in the year to come.

 MAY KUNMAKARA/BLOOMBERG

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