Tuesday, March 2, 2010

Question/Comment on IBF at 44th Public Bank AGM!!!

I attended the 44th AGM of Public Bank Berhad(PBB) in KL.

A shareholder posed a question/passed a comment related to PBB's Islamic Banking & Finance(IBF) operations. The question/comment was along the lines of - "...Maybank had purchased a bank in Pakistan to further enhance their IBF operations, what have PBB done to "beef up" this particular area?..." The shareholder(who claimed he was from Ipoh,Perak) was the 1st shareholder invited from the floor to comment. He was also commenting on the flattish growth of PBB share prices compared to other Banks like CIMB, Maybank & Hong Leong and had even suggested that the Board talk to a few parties(e.g. Hong Leong & EON Capital) to merge their operations.

What for me is quite surprising was not that the question on IBF was posed at all BUT,the fact that:-
1) PBB is a predominantly Chinese-owned bank; and,
2) Shareholder who asked the question was a Chinese.

I supposed, when a system is considered "just & equitable"...people will take notice especially after the IBF system having escaped the 2008-2009 global financial turmoil relatively unscatched!

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