Saturday, 13 August 2011

Hong Leong to sell a banking license

HONG Leong Bank Bhd, which took over the assets and liabilities of EON Capital Bhd (EONCap) involving transactions worth RM5.06 billion in May, now has the option of either selling the investment bank's license MIMB Investment Bank Bhd, a subsidiary EONCap the Hong Leong Investment Bank or other parties.
The sale is necessary to meet the banking requirements in the country that only allows for individual institutions have an investment banking license. Managing Director and Chief Executive of the group, Yvonne Chia said the company currently has two investment banks following the acquisition of the license is EONCap.
"Currently we have the option to sell it to Hong Leong Investment. At the same time we also have several parties interested in buying them. However I can not comment further on this, "he said after the launch of EON Bank branches change to the Hong Leong Bank in Kuala Lumpur yesterday. Exchange branch marks the completion of the integration process 145 EON Bank branches to Hong Leong Bank, Hong Leong making Bank as the second largest bank in terms of network in the country to have 329 branches and more than 1,400 self-service terminals. overs EONCap by Hong Leong saw MIMB Investment Bank. EON Bank Bhd and EONCAP Islamic Bank Bhd became part of the Hong Leong Group, thus improving the position of Hong Leong Bank as the fourth largest banking group in Malaysia with total assets reaching RM140 billion. On the integration of its Islamic banking business, Chia said it will announce the integration between Hong Leong Islamic Bank and EONCAP in the near term. "integration process of Islamic banking business shall not be the same as those implemented for conventional banks because both entities have a legal and a separate board of directors," he said . Meanwhile, Chia said it took less than 100 days to complete the integration process of all EON Bank branches to Hong Leong Bank. In conjunction with the performance, the bank has launched a four-month campaign, themed "Better Together 329 Branches' by offering its customers from each branch of the opportunity to win the grand prize of deposit account with a rate of 329 per cent interest per annum. The campaign, which will end on 30 November is also offering other prizes including 329 units of liquid crystal display television sets and movie 32.900 vouchers for credit card customers.

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