With exceptional financial performance the group has also entered into a 10-year exclusive distribution agreement with ING Asia-Pacific to provide life, health and investment-inked insurance products in Malaysia and Hong Kong.
“Public Bank is extremely pleased to be awarded the prestigious Bank of the Year Award 2008 for Malaysia by The Banker, the third time since 2001,” says Tan Sri Dato’ Sri Dr Teh Hong Piow, founder and chairman of Public Bank. “Coming at a time of global financial turmoil and government rescue plans for financial institutions, the Bank of the Year Award is an affirmation of the business model pursued by the Public Bank Group to focus on core retail commercial banking services in Malaysia, Hong Kong and Greater China and in Indochina.”
With market shares of close to 15% in both core customer deposits and lending businesses in Malaysia, which had been growing consistently over the past 10 years, and the best asset quality measures among Malaysian banks with a net non-performing loan ratio of 0.87%, the Public Bank Group will seek to overcome the challenges of volatile financial markets, global economic recessionary risks and a potentially slowing domestic economy by continuing to focus on its core retail commercial banking business.
