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Maybank seeks acquisition targets to boost overseas profit

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Maybank seeks acquisition targets to boost overseas profit

Malayan BankingBhd. is seeking acquisition targets as it looks to boost profit frominternational operations, The Edge Marketsreported April 7, citing CEO Abdul Farid bin Alias.

The bank aims to earn 40% of pretax profit from overseas, butfailed to meet the goal in 2015 because acquisition efforts fell short, the CEOsaid.

However, Maybank will not buy assets just for the goal and willbe "disciplined" with future acquisitions, he noted.

International businesses accounted for 27% of profit before taxat Maybank in 2015.