"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
sunbiz@thesundaily.com
Retrieved from: http://www.thesundaily.my/news/563726
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