Doha: Malaysia's leading banking and financial services provider, RHB Group, is conducting a study to assess the feasibility to enter the booming Gulf markets with Qatar being on top of its list.
The Group is on its way to introducing its various niche products and services to the region as a prelude to setting a firm foothold, its officials hinted at a press briefing here on Thursday.
Senior RHB officials held a road show in Doha and some neighbouring countries as well last week. RHB Securities, RHB Islamic Bank, RHB Asset Management, RHB Unit Trust Management and RHB Research Institute are some key units of the Group.
Dr Zaha Rina Zahari, chief executive officer (CEO) of RHB Securities, Lim Chee Sing, director of RHB Research Institute, Josephine Lip Ming Ching, senior marketing manager, and Yeoh Guan Jin, Assistant General Manager for Group Corporate Communications, RHB Capital, took part in the road show.
At a press briefing held later, Dr Zahari said that the objective of the show was manifold. The presence of Malaysian companies in the Gulf region was rapidly increasing, providing scope for trade financing and correspondent banking services to be made available.
"Trade financing and correspondent banking are some of the services we wish to provide to Malaysian firms here in this region," said Dr Zahari. "We can also raise funds for them via the bonds".
The number of construction, contracting, services, engineering consultancy and other Malaysian firms is on a rise in the region and they need banking and related services which RHB wished to provide from here, she added.
Malaysian ambassador in Doha Ku Jaafer Ku Shaari, was present along with first secretary at the Malaysian embassy, Zahairi Bin Baharim.
RHB's asset base is a staggering 90bn Ringgit (a Ringgit roughly equals a Qatari riyal), she said, adding that PHB set up an Islamic banking window in 1993 which has now grown into a full-fledged Islamic banking unit with an asset size of 500m Ringgit.
RHB's customer base is an impressive 750,000 with 10,000 employees and 208 branches principally concentrated in Malaysia and some of them in Thailand, Brunei and Singapore. The website of RHB is: www.rhb.com.my Malaysia has liberalised banking regulatory rules and foreign banks are allowed entry.
© The Peninsula 2005
