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PETALING JAYA: The ‘Community Banking’ revolution continues as AmBank and Bask Bear launched the new AmBank PJ New Town branch here today, marking a significant step towards the goal of 10 café banking outlets by the end of 2024. Since the inaugural launch of the concept in 2023 at its first three branches located in the Klang Valley, Penang and Kedah, customers have been enjoying the best of both worlds; a relaxing cup of coffee in a bank while they bank in a café. The initiative has transformed traditional banking by integrating lifestyle elements into AmBank’s branch network, as Bask Bear adds a relaxed environment where customers enjoy quality beverages and food while conducting their banking transactions. “Partnering with Bask Bear has allowed us to bring a fresh, innovative approach to the traditional banking experience. We’ve seen how this concept not only deepens our relationships with existing customers but also attracts new ones,” said Aaron Loo, Managing Director, Retail Banking, AmBank (M) Berhad. “The café banking model creates a space that feels like a community, where customers can enjoy a coffee while taking care of their banking needs.”.” Bryan Loo, founder and CEO of Loob Holding Sdn Bhd, which owns Bask Bear, added: “Our collaboration with AmBank has been enriching. We’re excited to see how this partnership has transformed the banking landscape in Malaysia by merging the world of finance with a café lifestyle. AmBank’s scalability has allowed us to extend our reach, and in return, our café concept has injected a new level of energy and engagement into their branch network   Due to the positive response received since the opening of the first three branches, AmBank and Bask Bear have gone on to open more, with the AmBank PJ New Town branch being one of it today. This branch, founded in 1991, is in a bustling commercial district surrounded by many local government buildings, including Menara MBPJ, Bangunan Persekutuan Petaling Jaya (PJ Federal Building), which houses or used to house government offices such as the National Registration Department and a branch of the Ministry of Domestic Trade and Consumer Affairs. “This branch is an ideal location for integrating café banking into the daily routines of its customers,” said Bryan Loo. With nearly 3,500 sq ft shared between AmBank and Bask Bear, the AmBank PJ New Town truly displays the ‘Community Banking’ concept. “AmBank PJ New Town is a fully-fledged branch with our latest concept where customers can choose to speak to our Personal Bankers and Relationship Managers at our round discussion pods in our branch area, our private meeting rooms or enjoy a cup of coffee and toastie at Bask Bear,” Aaron Loo further commented. Other than AmBank PJ New Town, the other eight branches are AmBank Bandar Baru Bangi, Selangor; AmBank Lagenda Heights, Kedah; AmBank Sungai Dua, Penang; AmBank Jalan Zabedah, Batu Pahat, Johor; AmBank Bandar Sri Permaisuri, Cheras; AmBank Sungai Buloh, Selangor, and AmBank Banting, Selangor. “Stay tuned for another outlet coming your way, which is AmBank Rawang Country Homes – one of the largest and busiest AmBank branches in the nation,” Bryan Loo shared. To celebrate the continued success of the collaboration, AmBank and Bask Bear is offering  an exclusive promotion available only at the 10 AmBank-Bask Bear outlets: Any 2 for RM10 Promotion Using AmBank Debit & Credit Cards Campaign Period: 1st October 2024 – 31st March 2025 Campaign Details: Bask Bear will offer a special combo menu available exclusively at the 10 AmBank-Bask Bear locations, where customers can enjoy any 2 selected products with just RM10 when using their AmBank debit or credit cards. With plans to expand this concept further, AmBank and Bask Bear remain committed to enhancing customer experience through innovative, customer-centric solutions.   “We look forward to this continued collaboration with AmBank as we plan to open ten more outlets next year,” Bryan Loo quipped. “In addition to our expansion plans, Bask Bear is excited to announce the launch of our exclusive Apps promo in October. Aimed at providing the best value for our customers, we’ll be offering RM4 discounts on our most popular products, available only through our app.”

KUALA LUMPUR (Sept 30): Tenaga Nasional Bhd (TNB) has named former MMC Corp Bhd group chief financial officer (CFO) Badrulhisyam Fauzi as its new CFO with effect from Jan 1, 2025. He will replace Nazmi Othman, 60, whose employment contract will expire on Dec 31, 2024, according to TNB’s bourse filing on Monday. Badrulhisyam, 44, who was also the covering chief executive officer of MMC group member company Alam Flora Sdn Bhd, joined MMC group in 2011. He started his career as an investment analyst in Permodalan Nasional Bhd and was the head of analysts for the global equity research team in the international fund management department before joining MMC. Badrulhisyam, who graduated with a bachelor of engineering in computing from Imperial College London, is also a Chartered Financial Analyst (CFA) charter holder of the CFA Institute, and a Chartered Management Accountant holder of the Chartered Institute of Management Accountant. He sat on the board of several non-listed companies, which are part of the MMC group, including MMC Engineering Group Bhd, NCB Holdings Bhd, Kramat Tin Dredging Bhd, Northport (Malaysia) Bhd, Kontena Nasional Bhd, and Johor Port Bhd. TNB reported a net profit of RM1.45 billion for the second quarter ended June 30, 2024, a more than fourfold jump from RM327.9 million a year ago, as it recorded higher electricity sales, a favourable foreign exchange translation, and lower net finance costs. Quarterly revenue grew 7.83% to RM14.4 billion from RM13.3 billion, driven by a 5.7% or RM745.8 million increase in electricity sales. For the first half of the year, TNB’s net profit rose 62.4% year-on-year to RM2.16 billion from RM1.33 billion, with revenue up 7.9% to RM28 billion from RM25.9 billion. At the closing bell on Monday, TNB’s shares dropped 22 sen or 1.5% to RM14.44, giving the group a market capitalisation of RM83.94 billion. The stock has gained RM4.46 or 44.7% year to date.–THE EDGE

PETALING JAYA: Johor will become the primary engine of growth in the country, with the newly announced competitive package for the Forest City Special Financial Zone. This was one of the key takeaways from Invest Malaysia Iskandar 2024 held on Sept 26, according to Maybank Investment Bank (Maybank IB) Research. In a note, the research house also highlighted that the setting up of the Invest Malaysia Facilitation Centre Johor will ease the process of moving businesses into the Johor-Singapore Special Economic Zone (JS-SEZ). “The attempt at setting up the JS-SEZ is unique due to the healthy bilateral relationship between Malaysia and Singapore who are both keen to make this collaboration work, as businesses around the world make plans for trade diversions and supply chain relocations due to the ongoing United States-China tensions. “National policies are key to better catering for business needs, while local enterprises stand to benefit from the capital influx into the JS-SEZ.” Invest Malaysia Iskandar 2024 saw participation from over 500 delegates, including foreign institutional investors. Prime Minister Datuk Seri Anwar Ibrahim delivered the keynote address, while Johor Mentri Besar Datuk Onn Hafiz delivered a special address. Leaders of four government-linked investment companies (GLICs) also shared their views and investment focus under the GEAR-uP initiative. GEAR-uP aims to synergise efforts across GLICs to catalyse growth in key economic sectors and further drive their participation in nation-building. The six GLICs are Khazanah Nasional Bhd, the Employees Provident Fund (EPF), Retirement Fund Inc (KWAP), Permodalan Nasional Bhd, Lembaga Tabung Haji and the Armed Forces Fund Board (LTAT). The GLIC panelists at Invest Malaysia Iskandar 2024 were unanimously positive on Malaysia’s prospects, stated Maybank IB Research. This was underpinned by the fact that the country has the right ingredients with regards to governance, infrastructure and policy blueprints to drive holistic national development. The EPF said it will focus on healthcare under GEAR-uP given the ageing demographics of Malaysia. It sees the healthcare segment as profitable with a high return on equity, and hence, attractive from an investment standpoint. Khazanah plans to fund startups, mid-tier companies and those in the semiconductor industry. It has already been into early stage investments for a while now. Under GEAR-uP, KWAP has committed RM40bil into domestic investments over the next five years. It has identified eight verticals and will focus on the verticals nurturing entrepreneurs and food security. It intends to drive the investments alongside general partners, and KWAP has identified 12 big global partners. In general, it targets 7% long-term returns. Meanwhile, LTAT seeks to focus on the pharmaceutical industry, specifically on the supply of vaccines and insulin. It targets to ramp up the production of insulin to 30 million doses annually to meet the national insulin requirement. “The EPF has been very positive since 2023 due to good policy rollouts; fiscal rationalisation being addressed (with the Public Finance and Fiscal Responsibility Act passed, and subsidy rationalisation underway); and technocrats incorporating market-based principles into policy implementation. “Khazanah believes that the existing policy framework will ensure that investments are effectively targeted for sustainable growth, while KWAP believes that Malaysia does have the necessary talent (although there is a need to address the issue of talent moving overseas). “LTAT thinks that the country has put in the right structural framework to move forward,” said Maybank IB Research.– THE STAR