Dear Pete,

I have been reading of late several excellent articles of corporate Malaysia inside stories on your blog. So I thought I would like to do my part and contribute to the debates which are growing fast in your site.

My question is “Why does the number one bank in Malaysia wants to acquire the number 16th small size bank in the Philippines?” This is not only a misfit but a clear example of what you can do when your brother is Prime Minister – which is whatever you like. Truly, whatever and even everything you like since your brother is the Minister of Finance – in any case, you can tell Bank Negara to approve whatever so that our number one “Bumiputra” bank can absorb the problems associated with a languishing bank in Manila that nobody else wants.

As a former employee of the once troubled Bank Bumiputra, we were assured that the reason why we are paying the CEO of the renamed bank CIMB more than RM10 million per year is that he will maintain the high standards set by his predecessor. And that with the new structure of our company, we would be on the look out for great things, and not things that are passed by other people and is just there conveniently for a CEO to simply buy it because in his own words, “this is not a big thing for us, only RM1 billion to pay to the Philippinos”. So close one eye, and open the pockets and collect the kickbacks.

This makes me really sick to the core, as I was just about to vote BN thinking that there were signs of lesser nepotism and then this brother-brother thing happens again. I am also made to understand that one of the ladies working in this bank is having an affair with Nazir Razak, and is a close friend who once travelled to Singapore along with the late Altantuya. The details get even more glory when we check their passport history and find out that Altantuya’s favorite holiday spot apart from Malaysia was the Philippines where her model-like black long haired friends would party at the clubs till dawn.

For all the talk about KPIs and standards, and how big Malaysian corporations especially banks should be made accountable for their actions, this is a crying shame and once again, the Razak boys are showing that it is not that they are thick but that they are thinking with their…

Disgusted ex-employee

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CIMB to conclude negotiations for Philippines’ Bank of Commerce

KUALA LUMPUR: CIMB Group Holdings Bhd group chief executive Datuk Seri Nazir Razak hopes to conclude negotiations with brewer San Miguel Corp on the acquisition of a stake in Philippines’ Bank of Commerce

within the current quarter (1Q2012).

Nazir remained mum about the stake size and cost of acquisition, saying that there are no definitive details as yet because both parties are still in negotiations.

“We are still in negotiations so there is no certainty in terms of price or percentage at this point in time. We hope to conclude negotiations in the first quarter of 2012,” he clarified.

“The talks are progressing well (but) we don’t want to set any deadline. As soon as we conclude, an announcement will be made,” he said.

Nazir also told the media that “we will be applying for a new license in Laos. So if Philippines (the Bank of Commerce deal) goes through, we will be in all countries in Asean.”

To a question on CIMB’s interest in Thailand’s TMB Bank, he said that it was just a rumour but the bank would nevertheless be open to opportunities in Thailand.

“I confirm that it is a rumour (but) we always look for opportunities. In Thailand, we are a little bit small so if there are interesting opportunities, we would consider,” he said after the launch of the bank’s SME customers-targeted programme called BizLoyalty Programme.