AMBANK EXPANDS REGIONAL NETWORK WITH BRUNEI SUBSIDIARY

From Mohd Iswandi Kasan Anuar

BANDAR SERI BEGAWAN, May 11 (Bernama) -- AmBank Group Monday expanded its
regional network with the launch of its subsidiary AmCapital (B) Sdn Bhd in
Brunei which offers funds management, Islamic finance and investment advisory
services.

The opening of the branch here marked AmBank's latest regional office,
expanding its current operations in Jakarta and Singapore with the headquarters
in Kuala Lumpur, said AmBank Group's chairman Azman Hashim.

The AmCapital office will enable clients in Brunei to tap the group's
expertise in the capital and financial markets, he told reporters after the
launch of the new subsidiary here.

The opening ceremony was officiated by Brunei's Finance Minister II, Pehin
Orang Kaya Laila Setia Datuk Seri Setia Awang Abdul Rahman Ibrahim.

Azman said the group's entry into Brunei was timely as the country's
financial market has maintained a steady momentum, while external market
participants were setting up operations or expanding their franchises here.

According to him, Brunei is also a good market for more Syariah-compliant
products, especially in the areas of wealth management or private equity
investments.

"It is also well recognised that Islamic products offer excellent potential,
therefore adding depth and breadth to the banking infrastructure," he said.

Azman said the Brunei government issued B$165 million (US$1=B$1.45) worth of
Islamic leasing bonds in the sukuk market in March this year, bringing the total
short-term ijarah or rental bonds sold by the government to B$1.5 billion since
its first offering in 2006.

He said that AmCapital Brunei will be closely aligned to the Brunei
Financial Centre, which was established to develop the country as a major
financial hub that promotes international banking, Islamic banking, mutual funds
and asset management.

AmCapital Brunei was incorporated in Brunei on Nov 27, 2007, as a local
business company and received its licence in September 2008. It began operations
on Dec 9, 2008.

-- BERNAMA