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Kyrgyzstan's Ecobank Keen To Have Maybank As Shareholder
KUALA LUMPUR, June 12 (Bernama) - EcoBank, Kyrgyzstan's premier Islamic bank, is in talks with Malaysia's Malayan Banking Bhd (Maybank) and other potential investors from Dubai and Kuwait on the bank's plan to increase its paid-up capital to US$250 million (US$1.00=RM3.25) from US$12 million.
The bank wants to divest a majority stake to foreign investors to raise the capital, Shamil M. Murtazaliev, advisor to the president of Kyrgyz Republic, told Bernama in Jeddah last week.
Murtazaliev was in the commercial capital of Saudi Arabia for the annual conference of the Islamic Development Bank (IDB) governors.
The preference is to have Maybank to take up the stake as Kyrgyzstan is implementing the Malaysian model of Islamic economic system, according to Murtazaliev.
"We definitely need a Malaysian company's expertise since we want to adopt the Malaysian model," he said.
EcoBank converted its operations into an Islamic bank one-and-a half years ago as part of the republics adoption of a dual banking system comprising Islamic and conventional. The conversion was assisted by two experts, one of whom was a Malaysian.
Being the first Islamic bank in the former territories of the Union of Soviet Socialist Republics (USSR), EcoBank now aimed to be a major player in finance, serving not only the Kyrgyzstan but also the region, Murtazaliev said.
"Eighty percent of our 5.01 million population are Muslims and there are 100 million Muslims in the Commonwealth of Independent States (CIS) countries," he said.
In an effort to make the bank more appealing to foreign investors, Murtazaliev said EcoBank was keen to tap on the IDB's AAA rating by selling a stake to the multilateral development financing institution.
The rating was accorded by Fitch Ratings Ltd, an international rating agency, for IDBs long-term outlook.
"The IDB is now appraising the minority stake that it can take in the planned increase of EcoBanks paid-up capital," he said, adding that this could be between 10 and 15 percent.
According to Murtazaliev, EcoBank is the most profitable bank among Kyrgyzstans 22 banks.
-- BERNAMA
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CLOSING, TUESDAY, FEB 9
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US |
3.4340/4390 |
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S'pore
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2.4154/4241 |
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100 Yen
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3.8339/8407 |
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Sterling
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5.3526/3624 |
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Euro |
4.7090/7169 |
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Source: Bank Negara
Malaysia |
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