MBSB eyes new product for foreign property buyers    
Industry News

Source: Propertyguru.com.my

Spurred by hot buying demand, Malaysia Building Society Bhd (MBSB) will offer ringgit-denominated loans to locals and expatriates keen on overseas properties, particularly in the UK and Australia markets.

According to MBSB President and Chief Executive Officer Datuk Ahmad Zaini Othman, they are now exploring the possibilities of launching a new product, probably by this year.

“We are just exploring the market right now. So, we cannot give a number at present. I think there would be potential for the niche market, the high net worth individuals.”

Notably, MBSB achieved a 53 percent gain in pretax profits to RM656.2 million for 2012. This was buoyed by the culmination of transformation initiatives done in four years, said Ahmad Zaini.

Moreover, opening new income streams in 2010 through a new retail business has supplied the bulk of fee-based income. Recovery and collection was also supported by the computerisation process as well as technological upgrades.

“We are able to dissect and understand our customer base better. Earlier, we did not have this capability. It was like flying a plane without radar,” noted Ahmad Zaini.

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