Aims to be the premier investment banking service provider in ASEAN by 2015
Singapore - Maybank Group unveiled today a new corporate identity for Kim Eng, simultaneously announcing a new management line-up and setting its aspiration to be the premier investment banking service provider in ASEAN by 2015. This follows 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.
Unveiling the new Maybank Kim Eng Corporate Identity (From Left to Right) - Mr. Ronald Ooi, Dato' Sri Abdul Wahid Omar, Tengku Dato' Zafrul bin Tengku Abdul Aziz
Kim Eng will now be known as Maybank Kim Eng and will adopt the tiger symbol as its new corporate identity. Maybank Kim Eng will embrace the yellow corporate colour of Maybank Group and will take on the Kievet font type. In Singapore, Hong Kong, India and Indonesia, Kim Eng will retain its corporate name for now, reflecting only the new symbol and colour, pending further regulatory approvals.
Maybank Kim Eng also announced changes to its top management. Tengku Dato’ Zafrul Tengku Aziz, currently the CEO of Maybank Investment Bank, will also be the Chief Executive Officer of Maybank Kim Eng, overseeing the organisation’s global activities which cover 11 countries. Mr Ronald Ooi will assume a new role as Executive Advisor of Maybank Kim Eng. Mr Tan Pei-San has been appointed as Head of International Business, which includes oversight of the operations in Philippines, Hong Kong, Vietnam, India, USA and UK.
In announcing the changes today, the President and CEO of Maybank, Dato’ Sri Abdul Wahid Omar, said: “This transaction is more than just the merging of two entities. Our strengthened position and significant footprint across the region, together with the talent and expertise of our new team will lead the expansion of our business. We will also be able to compete aggressively and play a leading role in the regional capital markets."
The investment in Kim Eng reinforces Maybank’s strategic vision of becoming a financial services leader in Asia. With the addition of Kim Eng, Maybank’s Investment Banking business now boasts more than RM1.2 billion in combined annual revenue. This is also expected to significantly boost Maybank’s income from international operations, which is targeted to comprise about 40% of total Group pre-tax profits by 2015.
The anticipated synergies resulting from this transaction include cross selling within the expanded client base, improved investment banking and underwriting capabilities as well as efficiencies in cash management support. Kim Eng can leverage Maybank’s balance sheet and also enjoy lower cost of funds. Following the acquisition, Maybank will have an even stronger regional network, as well as access to the Thai market.
Dato' Sri Abdul Wahid added that Maybank’s acquisition of Kim Eng was timely and a strategic investment to steer its course for the investment banking arm to becoming a regional financial powerhouse. With Kim Eng, the Group’s investment banking operation gains entry into eight new markets, including Singapore, Hong Kong, Indonesia, Thailand, Philippines, Vietnam and India. It is also currently exploring partnerships in China, North Asia and the Middle East to further expand the network.
“Given the competitive economic landscape, streamlining the brand and operations are the next logical steps to grow our distribution network and strengthen our banking foothold in the region. Today, we are serving more than 21 million clients worldwide. With this consolidation of strengths, we will be better able to meet their investment needs as well as penetrate new markets,” added Dato’ Sri Abdul Wahid. “Our aim is to become the premier investment banking service provider in ASEAN by 2015.”
Elaborating on the plans for Maybank Kim Eng, Tengku Dato’ Zafrul Tengku Aziz said, “This acquisition brings about a deepening of our current suite of retail, corporate and institutional product offerings and services. We are looking at launching derivative products and futures and options broking in Malaysia, Singapore, Hong Kong, Indonesia and Thailand within the next two to three years.”
Maybank Kim Eng is also working to develop and implement seamless and scalable regional trading platforms for key systems throughout its operations. This is part of a bigger plan to become the top broker in terms of market share in Malaysia, Indonesia, Thailand, Singapore, Philippines and Vietnam markets by 2015.
Expressing his confidence in the new management team, Mr Ronald Ooi said, “These ambitions will be ably supported by the combined team, which is composed of a blend of experience and dynamism of youth. Markets-willing, Maybank Kim Eng is well-positioned for success.”
The company's website, www.maybank-ke.com, goes live today with its new corporate identity. Kim Eng and its subsidiaries will now start changing their logos on products, facilities, and marketing materials in a transition that is expected to be completed in the first quarter of 2012.