ABN Amro to set up Islamic subsidiary next year


ABN Amro Bank Bhd, which opened an Islamic window last month, intends to set up an Islamic subsidiary next year, its managing director Harry Naysmith said.
“When the window develops into a certain size, it would be natural to move it to a subsidiary. That is what we are working towards.
“The central bank (Bank Negara Malaysia) is keen for banks to establish subsidiaries and that is also in line with our ambitions,” he said after launching its Van Gogh Preferred Banking service and new headquarters in Kuala Lumpur on Friday
Naysmith said ABN Amro had developed various Islamic products and was awaiting regulatory approvals.
He said the bank has a strong presence in Islamic banking in the Middle East and Pakistan and would introduce products that were successful in those countries to Malaysia.
Naysmith said the bank would open two new branches — Johor Bahru and Sitiawan — in June and there were plans to have 10 to 12 branches in the country. It has a branch now in Kuala Lumpur and Penang.
He said the bank may open another branch by year-end but had not yet determined the location.
On the Van Gogh Preferred Banking service Naysmith said this wealth management service was being offered in eight other countries in the Asia-Pacific.
Customers would have access to a range of unique services including personalised attention from relationship managers, investment consultants and product specialists. Naysmith added customers would also benefit from access to ABN Amro’s international network of experts in financial and wealth management.


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