RHB Bank Will Be Managed By 'Best' Professionals, EPF Investments Safe. We'll Find Out Soon Enough Won't We?
The Employees Provident Fund (EPF) will not interfere in the management of the RHB banking group but will leave it in the hands of a professional group, said EPF Chairman Tan Sri Samsudin Osman.
He added although EPF now owned the bank, it would be leaving the management and operation of the bank to the best professionals in the field. "The EPF management is not going to run RHB Bank. It will be managed by a professional group but the investments of EPF will continue to be protected."
"As a matter of policy, any party that owns an entity will set the tone to ensure that the management adhere to the policy agreed. Daily operations like whom the bank wants to give loans to depends on the bank's management," he told reporters . Samsudin added EPF would ensure that its investment in the bank would benefit members in the long-term. "As the guardian of the millions of ringgit from contributors, EPF will ensure that the investment will bring benefits."
EPF last week won the bid for controlling stake of the RHB Banking Group through ownership of Utama Banking Group Bhd (UBG) shares valued at RM2.25 billion. With this, EPF will have 75 percent interest in RHB, with the remaining 25 percent in the hands of the public.
EPF Chief Executive Officer Datuk Azlan Zainol was reported saying that it was a strategic investment in the banking industry and had forecasted "good growth".
"We have faith in the RHB Banking Group. It had been operating well and will be getting better in future. Our excuse for joining them is to protect our investment," he said in Kuala Lumpur last Friday.
On another matter, Samsudin said EPF would complete upgrading its IT system by the end of this month to provide better and faster services to contributors. They include a new statement issuing machine to give contributors their account statements faster. "In addition, the process of approving withdrawals under account two for housing and education will be reduced from three weeks currently to only two weeks. The new system costs EPF RM18 million," he added. (Bernama)
An informative post on the above from: Another Brick In The Wall.
He added although EPF now owned the bank, it would be leaving the management and operation of the bank to the best professionals in the field. "The EPF management is not going to run RHB Bank. It will be managed by a professional group but the investments of EPF will continue to be protected."
"As a matter of policy, any party that owns an entity will set the tone to ensure that the management adhere to the policy agreed. Daily operations like whom the bank wants to give loans to depends on the bank's management," he told reporters . Samsudin added EPF would ensure that its investment in the bank would benefit members in the long-term. "As the guardian of the millions of ringgit from contributors, EPF will ensure that the investment will bring benefits."
EPF last week won the bid for controlling stake of the RHB Banking Group through ownership of Utama Banking Group Bhd (UBG) shares valued at RM2.25 billion. With this, EPF will have 75 percent interest in RHB, with the remaining 25 percent in the hands of the public.
EPF Chief Executive Officer Datuk Azlan Zainol was reported saying that it was a strategic investment in the banking industry and had forecasted "good growth".
"We have faith in the RHB Banking Group. It had been operating well and will be getting better in future. Our excuse for joining them is to protect our investment," he said in Kuala Lumpur last Friday.
On another matter, Samsudin said EPF would complete upgrading its IT system by the end of this month to provide better and faster services to contributors. They include a new statement issuing machine to give contributors their account statements faster. "In addition, the process of approving withdrawals under account two for housing and education will be reduced from three weeks currently to only two weeks. The new system costs EPF RM18 million," he added. (Bernama)
An informative post on the above from: Another Brick In The Wall.
Labels: Money Matters
posted by The Malaysian. at 3/11/2007 08:35:00 PM
1 Comments:
For as long as color and creed is the determination and meritocracy is replaced by mediocrity, the science of failure is a sure result.
Sime Darby had learnt a bad lesson with UMBC.
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