Ras Siyan
March 15th, 2009, 08:01 PM
Wijaya Baru ready for Djibouti foray
By Vasantha GanesanPublished: 2009/03/03
Wijaya Baru Global Bhd (4022), which plans to move into the financial services sector in Djibouti, hopes to use this opportunity to expand into other countries in the African continent, its top official said.
Group chief executive officer Datuk Seri Tiong King Sing, who has interests in investment bank Asia Capital Ltd in Sri Lanka, said local companies like Wijaya Baru have more opportunities in venturing into smaller African nations rather than at home.
The group, which is engaged in the infrastructure, timber and healthcare activities, is looking at setting up a full-fledged commercial banking unit in Djibouti.
"We have received the go-ahead (from the authorities) for the opening. We only need to satisfy a few conditions precedent," Wijaya Baru deputy chief executive officer Faizal Abdullah told Business Times.
"The government there is very proactive. The pressure is on us to set up (the bank)," Faizal said.
"We are looking at (offering) conventional and Islamic banking services as 95 per cent of the population there are Muslims," he said.
Djibouti, with a population of about 500,000 is a republic measuring 23,000 sq km. It is located at the horn of Africa and is bordered by Eritrea, Ethiopia and Somalia. It lies on the Gulf of Aden, at the southern entrance to the Red Sea.
Faizal said that Wijaya Baru sees ample opportunities in the republic due to its port facility.
The Port of Djibouti serves the landlocked Ethiopia's primary link to the sea. The economy of Djibouti is based on service activities connected with the country's strategic location and status as a free trade zone in northeast Africa.
Djibouti provides services as both a transit port for the region and an international transshipment and refuelling centre.
On when is the earliest possible time that it expects the bank to be opened, Faizal said: "Hopefully it will be this year."
Wijaya Baru's move into the sector will be supported by its board of directors, who have banking experiences.
According to the most recent annual report available on Asia Capital Ltd, it is the largest investment bank listed on the Colombo Stock Exchange with an issued share capital of 1.1 billion Sri Lanka rupees (100 rupees = RM3.37). Tiong is a shareholder with 29.9 per cent stake and a board member.
The chairman of Wijaya Baru, Datuk Seri Abdul Azim Mohd Zabidi, is also the chairman of Bank Simpanan Nasional Bhd, while executive director Stephen Bin Abok's banking experience was with Malaysian Banking Bhd, Sabah Region, from 1979 to 1997.
On February 3 2009, Wijaya Baru signed a memorandum of understanding with the government of Djibouti to participate in the development of various projects there, including a beach satellite city at Doraleh, an international university, a medical complex, an up-market residential area, an international school and a national-scale English language development programme.
By Vasantha GanesanPublished: 2009/03/03
Wijaya Baru Global Bhd (4022), which plans to move into the financial services sector in Djibouti, hopes to use this opportunity to expand into other countries in the African continent, its top official said.
Group chief executive officer Datuk Seri Tiong King Sing, who has interests in investment bank Asia Capital Ltd in Sri Lanka, said local companies like Wijaya Baru have more opportunities in venturing into smaller African nations rather than at home.
The group, which is engaged in the infrastructure, timber and healthcare activities, is looking at setting up a full-fledged commercial banking unit in Djibouti.
"We have received the go-ahead (from the authorities) for the opening. We only need to satisfy a few conditions precedent," Wijaya Baru deputy chief executive officer Faizal Abdullah told Business Times.
"The government there is very proactive. The pressure is on us to set up (the bank)," Faizal said.
"We are looking at (offering) conventional and Islamic banking services as 95 per cent of the population there are Muslims," he said.
Djibouti, with a population of about 500,000 is a republic measuring 23,000 sq km. It is located at the horn of Africa and is bordered by Eritrea, Ethiopia and Somalia. It lies on the Gulf of Aden, at the southern entrance to the Red Sea.
Faizal said that Wijaya Baru sees ample opportunities in the republic due to its port facility.
The Port of Djibouti serves the landlocked Ethiopia's primary link to the sea. The economy of Djibouti is based on service activities connected with the country's strategic location and status as a free trade zone in northeast Africa.
Djibouti provides services as both a transit port for the region and an international transshipment and refuelling centre.
On when is the earliest possible time that it expects the bank to be opened, Faizal said: "Hopefully it will be this year."
Wijaya Baru's move into the sector will be supported by its board of directors, who have banking experiences.
According to the most recent annual report available on Asia Capital Ltd, it is the largest investment bank listed on the Colombo Stock Exchange with an issued share capital of 1.1 billion Sri Lanka rupees (100 rupees = RM3.37). Tiong is a shareholder with 29.9 per cent stake and a board member.
The chairman of Wijaya Baru, Datuk Seri Abdul Azim Mohd Zabidi, is also the chairman of Bank Simpanan Nasional Bhd, while executive director Stephen Bin Abok's banking experience was with Malaysian Banking Bhd, Sabah Region, from 1979 to 1997.
On February 3 2009, Wijaya Baru signed a memorandum of understanding with the government of Djibouti to participate in the development of various projects there, including a beach satellite city at Doraleh, an international university, a medical complex, an up-market residential area, an international school and a national-scale English language development programme.