Maybank: rip off
May 27th, 2008 by Tian
Maybank claimed that it was a good deal. The management of Maybank placed a bid to buy over Banking International Indonesia (BII) for USD 2.7 billion or RM 8.6 billion dollars—a price so high that all other bidders including HSBC and China Bank decided to back off.
Today (27 May) noon, Maybank CEO Datuk Seri Abdul Wahid Omar and Datuk Aminuddin Md Desa led a delegation to brief MPs in the Parliament House.
Parliamentarians of both sides spent our precious lunch hours to listen and debate the Maybank CEO explanation.
Much to our disappointment, Maybank failed to convince us the investment of the people’s money is justified.
The bank management keeps saying that it is a golden opportunity to gain a foothold into Indonesian financial market. However one must bear in mind that Maybank is a GLC. It has a social and moral obligation to serve Malaysian people. Empire expansion should not be the bank’s obsession.
As it is, there are a lot of complaints over Maybank’s services. Local consumers have been burdened by many charges, often without their awareness.
The earning from ordinary citizens is now used in a high stake gamble overseas.
The bottomline to our questions: Is Maybank being ripped off? Or, Maybank is ripping off the people?
Hello MP,
I totally agree with you… If some day a whole bunch of money fall in to my lap, I would love to terminate all my loans n hire purchase with Maybank…..
Hi ,
buying a bank Indonesia these guys are joking or perhaps laughing all the way to the bank!!!!!!!!!
Knowing how Indonesia business environment operates, Maybank is a real sucker. There are many black holes and Maybank just dropped into one. The Indonesian will welcome you with open arms after they laid their hands on the money they will declared the transaction as illegal and force Maybank to sell of the shares. Sound familiar ? Some people just does not learn
It would be good to know the highest bid by hsbc and bank of china and how much higher Maybank offered.
No two ways about it. It is a matter of time, that their investment will be ripped off. If you disagree, look at the problems that Temasek is having there. As a plc they are playing with shareholders money. And, is not concerned about our money going down the drain. So, they are ripping the public as well. Their main agenda is to ‘act big’ and show the world that they are ‘big’. But, even big boys do fall!
Imported rice in exchange of hot potatoes
While our country is facing with the shortage of rice,
our entrusted GLC conglomate is exchanging the rubbish abandone by others.
Mayban made himself a laughing stuff by paying BMW price for a Kancil.
Surely there is better rate of return elsewhere than to sink the money into the Indonesian Bank. Politicians should not be fooled and confused by that Maybank mobs.
Put the proposal in the public domai for scrutiny.
Perhaps the real reason for the purchase may not be transparent or as simple as it seems. Which respectable conglomerate financial institution will invest so much in countries with such geo political and economics and social uncertainties such as Indonesia and Pakistan? The people helming Maybank are not stupid, and most definitely know the basics of economics. Malaysia has been well known in years past for bailing out ailing or failed GLCs. Billions have been lost and not accounted for until today. Bumiputra Finance, MAS, etc, etc…the list is sadly so very long…If Maybank were to claim they lost their investment in this Indonesia or Pakistan venture a few years later, it will be just like the past failed GLCs…government bail out lah! In the meantime, where this RM8 billion has gone to few will ever know..!!
Yes hesed. Unfortunately it is a sickness/ malaise of ours ( you can call it cancer) and the problem of the present BN government. Remember the number of bank “heists” we had last time… the Bank Negara, the Bank Bumiputra and goodness knows what else which had been covered up etc. Nobody knows what has happened and it is all covered up and even now, Maybank purchases will be covered up. I bank with Maybank which unfortunately had to do so due to the company policy…. now I am going to change if they persist in their nonsense. The number of poor customer service I had from them can be a case book study…
Online down. I have to log in via Singapore site! Officers look like they puasa all the time without motivation to serve. I have better service from Public, Stan Chart and Citibank even Hong Leong… so you know why some banks are tops!
buying an Indonesian bank is a great move to go into the huge Indonesia market!
But main problem with Maybank is not that they have too little market exposure… or they the possibility that they might be missing a golden chance to go into Indonesia.
For the moment their problem should be EFFICIENCY…
Fix that then only move into the next stage.
Maybank is not a fundemental strng company, but they are Government backed company which give them a lot of advantages against other banks in Malaysia.
Never EVER keep any funds in Maybank. Like voting, you have the right to deposit your money with the banks that demonstrated good corporate governance.
We looking forward the Pakatan Rakyat will continue to doing well.. for the rakyat welfare … in the 5 States.
We have hope that PKR can continue to lead for brighter future..