The Times They Are a-Changin at Maybank
Dato Sri Abdul Wahid Omar, Maybank
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Dato Sri' Abdul Wahid Omar, President and CEO of Maybank, expects net interest margins will stabilise at about 2.4% in Malaysia and undervalued companies may take their companies private, thus providing a pipeline of business for investment banking despite an economic slowdown in Malaysia. He remains bullish on the Indonesian economy and expects net interest margins to stay at 5% despite key interest rate cuts. Added to this, its new subsidiary, Kim Eng will provide an international platform to expand Maybank's wholesale banking business. As for the RHB Capital deal, Wahid dispels rumours that Maybank abandoned talks with RHB due to interference by parties related to a top government official. On other acquisitions, he did not want to speculate if Maybank would want to acquire Public Bank if a competing Singaporean banking and insurance group launches a takeover offer.
On productivity, he justifies why Maybank's operating revenue per employee is lower than some international banks with similarly strong regional presence, and explains the legal dispute between the bank and the National Union of Bank Employees (NUBE). He dismisses talk that Malay executives are preferred over non-Malays. Questions were also posed to Wahid regarding his remuneration package.
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