AmBank focusing on improving operations
KUALA LUMPUR: Following the failure of the proposed merger between RHB Bank and AMMB Holdings Bhd (AmBank), AmBank Group is focusing on transforming the bank to improve its operations, said group CEO Datuk Sulaiman Mohd Tahir.
“We are not looking for potential merger partners right now.
“However, should opportunities for partnerships and tie-ups arise as a result of strategic initiatives, I do not see any reason why we cannot consider,” he said at the sidelines of the AmBank Islamic-International Islamic University of Malaysia (IIUM) credit card launch.
Sulaiman said the bank would continue to work on four key areas – credit cards, transaction banking, wealth management and foreign exchange markets.
“We are not that big to be covered with bureaucracy and red tape, but not that small where we cannot make a significance on our customers. That is why IIUM wants to tie up with us – because we are flexible in the way we manage things,” he added.
The AmBank Islamic-IIUM credit card is the first such facility launched in collaboration with a higher learning institution in Malaysia.
The card is targeted towards the 30,000 students, 4,000 staff and 80,000 alums of the university.
IIUM targets to have 5,000 credit card sign-ups within a year, which will provide an income generation and contribute a continuous revenue stream to the IIUM Endowment Fund (IEF) over the years as long as the cardholder uses the card for their spending.
Cardholders also have the option to convert their AmBonus points as cash contribution for IEF.
To date, AmBank Islamic 100,000 credit card users.
AmBank Islamic and IIUM have has also teamed up with JomPAY to provide added convenience, accessibility, and flexibility to the public and corporate sector to make contributions to the IEF.
JomPAY enables payments via Internet banking, mobile banking and ATMs of Malaysian banks.
“With this collaboration, we are pleased to embark on another initiative to offer more products to our customers while concurrently help to raise funds for the IEF, which will be used to assist needy IIUM students,” said Sulaiman.
IEF is responsible for providing financial support for IIUM students who are academically excellent but face financial difficulties. In 2016, IEF disbursed RM10.5mil in the form of scholarships and financial assistance to 4,323 recipients.