Thursday, March 5, 2009

Public Islam Bank expects growth despite turmoil

Public Islamic Bank, the newly launched Islamic banking arm of Public Bank Bhd (PBB), is expected to continue to grow despite the international financial turmoil.
PBB chairman Tan Sri Teh Hong Piow, said the new unit would continue to focus on its niche markets, consumer and retail financing, small medium and enterprises financing and deposit-taking business.
"It will also develop a wider range of financing and innovative deposit products and services that comply with Shariah principles," he said at the launch of Public Islamic Bank in Kuala Lumpur on Mar 4.
Also present were Bank Negara Malaysia governor, Tan Sri Dr Zeti Akhtar Aziz and chief executive officer of Public Islamic Bank, Ismail Ibrahim.
Teh said Public Islamic Bank has assets worth RM16.5 billion, which represented 8.4% of the total assets of the PBB group. He said the new entity recorded a compounded annual growth rate of about 20% in the last five years.
"The bank's Islamic financing of RM12.4 billion comprises 10.3% of the total loans of the group while its deposits stood at RM13.8 billion as at end-2008," he said. — Bernama

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