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Tuesday, October 8, 2013

AmBank has appetite for more M&As: Azman

KUALA LUMPUR (Dec 13, 2012): AMMB Holdings Bhd (AmBank Group) will take some time to "digest" the acquisition of MBF Cards (Msia) Sdn Bhd but still has appetite for more merger and acquisition (M&A) activities, its head said.
"We are always open to (M&A) opportunities. (But) we will be digesting this (MBF Cards acquisition) for a while (and) will be occupied for a while," said AmBank Group chairman Tan Sri Azman Hashim told reporters at an event to welcome MBF Cards employees into Ambank Group here yesterday.
"Whenever there is a good fit, good opportunities and a win-win situation, I am sure things will happen. At the moment, there is nothing on the table yet."
AMMB expects MBF Cards to be fully integrated into the group in 12 months.
"Our focus now is to concentrate on the integration and make sure the process is smooth," Azman said.
The process involves the integration of branches, information technology system and people. Upon integration, Azman wants the group to leverage not only on the card business but also the bank's consumer banking segment.
"The process of getting everyone on board has already started, with the institution of channels to promote two-way flow of information and feedback."
Following the completion of MBF Cards acquisition, Azman said the group will have a combined cards receivable value of RM2.3 billion.
AmBank Group deputy group managing director Datuk Mohamed Azmi Mahmood said AMMB will have the second largest network of merchants for its credit cards with the integration of MBF Cards, from third largest currently.

"Right now, we have about 4,500 merchants throughout the country. The card is the key part of the retail bank's strategy. Definitely, in any acquisition, we want to grow," he added.

Author: Premalatha Jayaraman
sunbiz@thesundaily.com

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