Malaysia

KUALA LUMPUR: RHB Bank Berhad (“RHB” or the “Group”) is pleased to announce the appointment of Nurjesmi bin Mohd Nashir as Managing Director of Wholesale Banking, effective 1 July 2025. Nurjesmi succeeds Datuk Fad’l Mohamed, who was recently appointed Chief Executive Officer of Bursa Malaysia. With over 3 decades of experience in banking and capital markets, Nurjesmi brings deep expertise in corporate banking, investment banking, and market development. In his previous roles, he has a strong track record in transformative efforts to drive growth, reinforce the banks’ market standing, and optimise operational performance.   He began his career as an equity analyst in 1993 and has held various leadership positions at Citibank Berhad between 1996 to 2013, covering sectors including energy, plantations, and real estate.   Dato’ Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group said, “Nurjesmi’s market insights and proven leadership make him well-positioned to steer our Wholesale Banking business into its next phase of growth. With our recent organisational restructure, Wholesale Banking will focus on five core areas – Investment Banking, Treasury & Global Markets, Transaction Banking, Client Coverage and Economic Research. I am confident his experience and leadership will be valuable in driving the Group’s PROGRESS27 strategy.”   Nurjesmi holds a Bachelor of Science in Finance from Syracuse University, New York, and a Diploma in Business Studies from MARA University of Technology (UiTM). He also served as an Independent Board Member of Perbadanan Usahawan Nasional Berhad, from 2018 to 2023.   This appointment reaffirms RHB’s commitment to strengthening its leadership bench and driving long-term value creation across its Wholesale Banking business.

KUALA LUMPUR: CGS International Securities Group (“CGS International”) and its parent, China Galaxy Securities Co., Ltd (“CGS”), today formalised six new landmark agreements at the inaugural ASEAN Business Forum 2025 (ABF2025), co-hosted by the Malaysian Investment Development Authority (MIDA) and ASEAN Business Advisory Council (ASEAN-BAC) Malaysia. These include five Memoranda of Understanding (MOUs) and one Letter of Intent (LOI), advancing the firm’s ambition to catalyse ASEAN-China business collaboration across investment, trade and strategic sectors. The signing ceremony, held in conjunction with the 46th ASEAN Summit and the ASEAN-GCC + China Summit, was witnessed by key dignitaries including Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA (on behalf of YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry), Dato’ Mohammad Faiz Azmi, Executive Chairman of the Securities Commission Malaysia (SC), Tan Sri Nazir Razak, Chairman of ASEAN-BAC Malaysia, and Mr Wang Sheng, Chairman of CGS. These agreements follow CGS International’s earlier pledge of RM6 billion during the Johor-Singapore Special Economic Zone (JS-SEZ) Partners’ Dialogue, comprising RM3 billion in foreign direct investment facilitation and RM3 billion in asset management under new Single Family Office Ventures. Strategic Agreements Signed 1. LOI for China-ASEAN Investment ProgrammeAims to establish a private equity fund focusing on high-growth sectors such as semiconductors, advanced manufacturing, renewable energy, healthcare, food security and consumer sectors. Malaysia will serve as a regional anchor and technology transfer bridge between China and ASEAN. 2. MOU with MIDABoth parties will jointly promote Malaysia as a prime investment hub, focusing on investor facilitation, business matching, fundraising and supply chain development across high-value sectors. 3. MOU with Fullgoal Asset Management (HK) Limited and Bursa MalaysiaThis trilateral collaboration is set to expand Malaysia’s Exchange-Traded Fund (ETF) offerings by enabling the listing of foreign-underlying ETFs on Bursa Malaysia. It will give Malaysian investors greater access to global markets and diversify capital market products. 4. MOU with GL Capital Management LimitedTo launch a private equity fund dedicated to ASEAN’s growing healthcare and medical devices sector. 5. MOU with OCBC Bank (Malaysia) BerhadTo support trade and investment flows between China and ASEAN by offering integrated banking, treasury, and investment services to regional clients. 6. MOU with Zhongguancun International Holding Limited (Hong Kong)To attract Chinese companies in advanced manufacturing, food security, digital tech, and healthcare to the JS-SEZ and selected Malaysian industrial parks. ETF Collaboration with Bursa Malaysia and Fullgoal HK In a separate but complementary development at ABF2025, CGS MY signed a tripartite MOU with Bursa Malaysia and Fullgoal HK to facilitate the listing of new ETFs on Bursa Malaysia. The initiative aims to expand Malaysian retail investors’ access to global investment products and markets. “This collaboration marks a pivotal step in expanding Malaysia’s ETF landscape,” said Dato’ Fad’l Mohamed, CEO of Bursa Malaysia. “It reinforces our position as an investment gateway bridging Malaysia with global financial markets.” Mr Ge Chen, Chairman of Fullgoal HK, cited strengthened Malaysia-China maritime and financial ties under the Belt and Road Initiative, stating, “This partnership enhances our international asset allocation capabilities and supports our ‘going global’ strategy.” CGS International CEO, Madam Carol Fong, added: “Our role as a connector and catalyst in ASEAN-China capital flows is made possible through partnerships like these. We’re excited to deepen investor access to unique global opportunities.” Currently, Bursa Malaysia lists 17 ETFs managed by six issuers with a combined AUM of MYR2.4 billion. A Regional Investment Catalyst With over 500 policymakers, investors, and corporate leaders in attendance, ABF2025 underscores Malaysia’s role as a regional anchor for investment and a facilitator of ASEAN-China connectivity under its 2025 ASEAN Chairmanship. CGS International’s multilateral signings serve as a strong vote of confidence in the region’s potential and its future as a united, high-growth economic powerhouse. For more information on CGS International’s initiatives, visit www.cgsi.com.

KUALA LUMPUR: In a landmark move signalling growing economic cooperation between China and ASEAN, China Galaxy Securities Co., Ltd (“CGS”) and its regional arm, CGS International Securities Group (“CGS International”), signed five strategic Memoranda of Understanding (MOUs) and one Letter of Intent (LOI) at the ASEAN Business Forum 2025 (ABF2025). The event, co-hosted by the Malaysian Investment Development Authority (MIDA) and ASEAN Business Advisory Council (ASEAN-BAC) Malaysia, underscores ASEAN’s ambitions to strengthen cross-border trade and investment in high-growth sectors. Witnessed by key regional stakeholders including Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA; Dato’ Mohammad Faiz Azmi, Executive Chairman of the Securities Commission Malaysia (SC); Tan Sri Nazir Razak, Chair of ASEAN-BAC Malaysia; and Mr Wang Sheng, Chairman of CGS – the signings mark a deepening of CGS International’s long-term strategic intent in ASEAN. Strengthening ASEAN-China Capital and Business Flows The agreements build on CGS International’s RM6 billion pledge made during the Johor-Singapore Special Economic Zone Partners’ Dialogue earlier this month. The commitment comprises RM3 billion in facilitation of foreign direct investment (FDI) over three years and RM3 billion in assets under management through the establishment of Single Family Office Ventures. Spanning areas including private equity, investment facilitation, ETF offerings, healthcare, advanced manufacturing, digital tech, and trade banking services, the six new agreements position Malaysia as a key regional anchor in ASEAN’s economic integration journey. Key Agreements Include: LOI for the China-ASEAN Investment Programme – A private equity fund targeting high-growth sectors such as healthcare, semiconductors, renewable energy, food security, and advanced manufacturing across ASEAN, with Malaysia as the core regional hub. The fund also aims to drive cross-border industry knowledge and tech transfer. MOU with MIDA – To jointly promote Malaysia as a premier investment destination and support investor facilitation, fundraising, business matching, and supply chain development. MOU with Fullgoal Asset Management (HK) & Bursa Malaysia – To introduce new Exchange-Traded Funds (ETFs) on Bursa Malaysia, expanding global investment access for local investors. MOU with GL Capital Management Limited – To launch a private equity fund focused on ASEAN’s fast-growing healthcare and medical devices sector. MOU with OCBC Bank (Malaysia) Berhad – To support ASEAN-China trade and investment flows through integrated banking, treasury, and investment banking services. MOU with Zhongguancun International Holding (Hong Kong) – To assist Chinese firms in entering Malaysian industrial parks and the Johor-Singapore Special Economic Zone, focusing on sectors such as advanced manufacturing, digital technology, and food security. Malaysia’s Role Under ASEAN Chairmanship The move highlights Malaysia’s proactive role during its ASEAN Chairmanship in catalysing intra-ASEAN and ASEAN-China economic linkages. It also reflects the region’s attractiveness as a long-term growth engine, with CGS International committed to serving as a bridge between ASEAN opportunities and Chinese capital. “These signings are more than just intents and agreements – they signify our strong confidence in the investment and growth potential of ASEAN and Malaysia,” said Madam Carol Fong, Group CEO of CGS International. “As a connector and catalyst, we aim to accelerate cross-border strategic collaborations, capital and talent mobility for business growth.” A High-Impact Business Forum Held in conjunction with the 46th ASEAN Summit and the ASEAN-GCC + China Summit 2025, ABF2025 gathered over 500 regional policymakers, investors, and business leaders. Organised by ASEAN-BAC Malaysia and MIDA with support from MBSB Bank and OCBC Malaysia, the forum featured high-level dialogues, strategic panels, and closed-door business matchmaking sessions. As CGS International expands its influence across ASEAN, these partnerships reaffirm its role as a key enabler in the region’s economic transformation. For more on CGS International’s services and initiatives, visit www.cgsi.com.

SENAI: UPS (NYSE: UPS), one of the world’s largest package delivery and supply chain management companies, has enhanced its services in Johor in a move that significantly reduces delivery times and boosts global connectivity for UPS customers across the state. The new operation, which consists of a bonded warehouse at Senai International Airport and a package centre in Senai, is located in one of Johor’s leading manufacturing and industry clusters and at the heart of the Johor-Singapore Special Economic Zone (JS-SEZ). It means imports and exports to Johor from countries across Asia Pacific can now enjoy next-day delivery, while imports and exports from Europe and the U.S. will arrive in as little as two business days. This is a time saving of one business day, facilitated by improvements in connectivity between Johor and Singapore’s Changi Airport. “In line with the growth possibilities presented by the Johor-Singapore Special Economic Zone, we’re excited to open our new Johor service at a time when there are opportunities for businesses to expand and build greater resilience into their supply chains,” said Ingrid Sidiadinoto, senior managing director UPS Malaysia. “Johor is an important industrial centre in southern Malaysia, particularly for manufacturing and high-tech companies. Being able to respond to orders quickly is critical in these sectors and now UPS customers in Johor can send and receive deliveries to and from anywhere in the world in two business days or less. This offers the fast and flexible access businesses need to our industry leading global network to make them more responsive, more resilient and more competitive.” The new Johor operation underscores UPS’s continued commitment to supporting businesses in Malaysia by providing better access to the company’s world class integrated global logistics network. “The establishment of UPS’s new Johor operation reflects Malaysia’s growing prominence as a regional logistics and supply chain hub,” said Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, chief executive officer of the Malaysian Investment Development Authority (MIDA). “Strategically located in Senai, the facility benefits from robust multimodal connectivity, including well-established highways, rail links, and proximity to key ports, making it an ideal gateway for integrated logistics solutions. “This milestone complements the government’s MADANI vision to position Malaysia as a high-value, innovation-driven economy. MIDA will continue to support companies like UPS, fostering their sustained growth within Malaysia’s vibrant logistics ecosystem.” This is the latest in a series of investments by UPS in its Malaysia network. In 2024, the company introduced a service enhancement to allow deliveries from Johor to over 50 countries across the Americas to be completed in as little as two business days. Later in the year UPS also announced a partnership with Ninja Van to provide UPS’s international express services at any of Ninja Van Malaysia’s 52 stores across Klang Valley

KUALA LUMPUR: North Rhine-Westphalia (NRW), Germany’s most important economic region, is strengthening its international presence in Southeast Asia. The state-owned trade and investment agency, NRW.Global Business is opening a new ASEAN Service Desk in Kuala Lumpur to signal the intensification of economic relations between NRW and the ASEAN countries. The official opening took place today as part of a business roundtable with the Malaysian-German Chamber of Commerce and Industry (MGCC). The ASEAN countries are among the world’s most dynamic growth regions. Their economic relations with Germany are growing in importance. With the Service Desk, NRW.Global Business is establishing its first permanent point of contact in the region. The Service Desk will provide companies and potential investors from the ASEAN region with direct support on site, ranging from comprehensive information about NRW as a business location and investment conditions to practical assistance with specific location projects.    Felix Neugart, CEO of NRW.Global Business said, “With our ASEAN Service Desk, we aim to raise the profile of NRW as an innovative and attractive business location in the ASEAN region, intensify bilateral trade and investment relations and promote cooperation in future-oriented areas such as digitalisation, sustainable technologies and research. The ASEAN countries are important partners for us: They offer new sales and procurement markets as well as opportunities to establish business contacts with innovative companies and institutions. By establishing a direct presence, we are creating a point of contact to better leverage this potential together with local partners.”   The Business Roundtable on “Business Opportunities between NRW and Malaysia – Introducing NRW.Global Business ASEAN Service Desk” provides the framework for the official opening. Here, companies, local authorities, economic development agencies and multipliers from Malaysia and NRW come together to discuss opportunities for investment, cooperation and market development.   Jan Noether, Executive Director of the Malaysian-German Chamber of Commerce and Industry (MGCC), said, “We are delighted to be implementing the ASEAN Service Desk together with NRW.Global Business. NRW offers diverse opportunities for companies from the ASEAN region and the new service desk will significantly contribute to facilitating market access and further deepening relationships.”  

KUALA LUMPUR: RHB Bank Berhad (“RHB” or “the Group”) posted a net profit of RM750 million for the first quarter ended 31 March 2025 (Q1 FY2025), marking a 2.7% year-on-year (Y-o-Y) increase from RM730.2 million. The performance was driven by higher net fund-based income and improved credit cost management, reflecting RHB’s disciplined risk approach and operational resilience. Total income stood at RM2 billion, reflecting a marginal 1.9% Y-o-Y decline, mainly due to softer non-fund based income from lower gains in forex, derivatives, trading and investment activities. Net fund-based income, however, rose 7.3% Y-o-Y to RM1.5 billion, supported by a 6.3% increase in gross loans and stable net interest margins (NIM). The Group reported an effective NIM of 1.91% for the quarter, compared to 1.83% a year earlier. Operating expenses grew modestly by 1.2% Y-o-Y to RM970.7 million, while the cost-to-income ratio (CIR) rose slightly to 47.4% from 45.9% in the prior year due to lower income. Expected Credit Losses (ECL) declined sharply by 50.8% to RM105.8 million, attributed to the absence of one-off ECL from international operations. “We sustained our earnings growth momentum in the first quarter, underpinned by solid fundamentals and early traction from our PROGRESS27 strategy,” said Dato’ Mohd Rashid Mohamad, Group Managing Director and CEO of RHB Banking Group. “Our cost optimisation efforts are delivering results, while we remain focused on asset quality and disciplined execution.” Robust Capital, Steady Loan Growth As of 31 March 2025, RHB’s total assets expanded to RM353 billion. Shareholders’ equity stood at RM32 billion, with a Common Equity Tier-1 (CET-1) ratio of 16.0% and Total Capital Ratio (TCR) of 18.5% at Group level. The Bank’s standalone CET-1 and TCR were 14.7% and 17.4%, respectively. Gross loans rose 2.4% on an annualised basis to RM239 billion, led by solid performances in Group Community Banking (+5.5%) and Commercial segments (+16.9%). Domestic loans grew 4.7% annually, outpacing the industry average of 4.3%. The Group’s gross impaired loans (GIL) ratio was stable at 1.50%, while domestic GIL remained below industry levels at 1.22%. Customer deposits totalled RM249 billion, with the CASA (current account savings account) ratio improving to 28.0% from 27.6% in FY2024. Liquidity Coverage Ratio (LCR) was healthy at 134.6%. Loan loss coverage including regulatory reserves strengthened to 115.7%. Segment Performance Overview Group Community Banking recorded a pre-tax profit of RM425.7 million (+14.7% Y-o-Y), supported by growth in mortgages (+7.3%), auto finance (+9.0%), and SME loans (+5.5%). Gross loans stood at RM152 billion, while deposits reached RM125 billion. Group Wholesale Banking posted RM548.2 million in pre-tax profit. Commercial segment loans rose 16.9% to RM54 billion, with deposits of RM86 billion. Group International Business saw pre-tax profit surge to RM87.3 million due to lower ECL. Deposits grew 4.6% annually to RM37 billion, with CASA rising 22.2%. Group Shariah Business reported RM242.5 million in pre-tax profit, with Islamic financing at RM93 billion (+8.7% annualised). Islamic loans made up 45.1% of total domestic financing, up from 44.6% in December 2024. Group Insurance contributed RM17.7 million in pre-tax profit for the quarter. Strategic Outlook RHB maintains a cautious outlook amid global macroeconomic uncertainties, interest rate movements, and trade tensions. The recent reduction in the Statutory Reserve Requirement (SRR) by Bank Negara Malaysia is expected to support funding flexibility in the coming quarters. “Our new three-year strategic roadmap, PROGRESS27, charts a clear path to strengthening service excellence, profitability and purpose-driven growth,” added Dato’ Rashid. “With targeted execution across customer journeys and sustainability efforts, we are well-positioned to unlock both near-term and long-term value for stakeholders.”

Rafizi Ramli has announced his resignation as Malaysia’s Minister of Economy, citing the loss of his mandate following a defeat in the recent Parti Keadilan Rakyat (PKR) internal elections. His resignation will take effect on 17 June 2025, with Rafizi set to go on annual leave until then. In a media statement issued Tuesday, Rafizi said his departure is in line with democratic practices, where party leaders who no longer hold internal support should make way for new leadership within the government. “I joined politics to promote a new political culture grounded in accountability and public mandate,” he said. “Losing the party’s confidence means I can no longer credibly deliver PKR’s policy agenda within the Cabinet.” Rafizi leaves office having completed his final task: the formulation of the 13th Malaysia Plan (RMK13), which he confirmed has been finalised and is ready for presentation in the upcoming parliamentary session. The plan, he said, places a strong focus on long-term structural reforms—particularly in the education sector. He urged the Cabinet to maintain the bold policy shifts outlined in RMK13, even in his absence, and commended the Ministry of Economy for its high calibre of public servants and policy execution. During his tenure, Rafizi championed structural reforms aimed at boosting national productivity, addressing income disparities, and positioning Malaysia for high-income status. His departure introduces a potential leadership gap at a critical point in the country’s economic reform trajectory. “The journey to restructure our economy for long-term strength and high-income status is far from over,” he noted. “Difficult decisions must continue to be made today for the benefit of future generations.” Rafizi also expressed his gratitude to public servants, industry stakeholders, the media, and the Malaysian public for their cooperation throughout his term in office. The Ministry of Economy’s leadership transition will be closely watched by investors and business leaders, particularly as the country prepares to implement RMK13 and navigate a complex global economic landscape.