S’wak-owned bank begins operations
KUCHING: Development Bank of Sarawak (DBOS) has officially commenced its commercial operations as of yesterday at Level 2 of Menara SEDC, Isthmus, off Jalan Bako here.
There to launch the new premises and unveil the signboard was Chief Minister Datuk Patinggi Abang Johari Tun Openg in a ceremony witnessed by Second Finance Minister Dato Sri Wong Soon Koh, DBOS chief executive officer Sim Kheng Boon and Board of Directors chairman Tan Sri Datuk Amar Mohd Morshidi Abdul Ghani.
Abang Johari also launched the bank’s official website, which can now be accessed at dbos.gov.my.
During a press conference after the launching, the chief minister said that there had been a lot of applications from various government-related companies and agencies for facilities from DBOS but the bank was still studying the applications.
“This bank also must make money. All projects financed by this bank have to be profitdriven.”
DBOS will focus on development projects which the state is or will be involved in, including digital economy, urban public transport, renewable energy (power generation), oil and gas industry, healthcare, modern agriculture, and infrastructure.
This means that Sarawak can self-finance projects like producing methanol.
“It’s part of the transformation of our state’s economy. We have our own bank which will finance all our strategic projects, and of course these projects must have commercial value because they are going to have to repay their loan,” said Abang Johari.
With the commencement of business operations, DBOS will be able to start taking deposits from the state government, and in the future, from governmentlinked companies.
DBOS was incorporated on May 11 last year.
To date, DBOS has recruited 16 pioneer staff members, including the board of directors Datu Laura Lee Ngien Hion, Dato Sharkawi Alis, Christopher Adrian and Ho Swee Huat.