Affin eyes regional presence, Islamic operations in China

KUALA LUMPUR: Affin Holdings Bhd is looking at establishing a regional presence within two years through its banking unit, Affin Bank Bhd, managing director Tan Sri Datuk Lodin Wok Kamaruddin said.

Lodin said the company was looking at several opportunities in the Southeast Asian region, with Vietnam, Indonesia, and Thailand being “good prospects”, although he declined to specify a timeframe for its regional expansion plans.

“We are going to take our time. When the right opportunity comes along, we will consider it; maybe this year, maybe next year,” he told reporters after Affin’s AGM here yesterday.

He said the bank would leverage on its recent partnership with Hong Kong’s Bank of East Asia Ltd to enter the Islamic banking market in China, through Affin Islamic Bank Bhd.

“We believe we can work very closely with them (BEA) to expand our operations, particularly in Islamic banking in the Chinese market, to serve the Chinese-Muslim market. We are exploring various options to see how we can embark on this opportunity,” Lodin said.

On when the bank would enter the China market, Lodin said: “The sooner, the better.” He added the company was looking to tap into BEA’s global network expertise to improve Affin Holdings’ overseas operations, and could initially place its staff in BEA branches to gain experience and exposure.

Lodin added there were “prospects” for the entry of new investors in its Islamic bank, and the presence of more players in the company could help it enter new markets.