Malaysia’s first bank SCB sees big scope for greater ties with SL

• Standard Chartered Bank Malaysia Managing Director and CEO suggests there could be more investors like Axiata from Malaysia and successes like Dialog
• Points to higher trade and investments; labels infrastructure, energy, technology and education as high potential sectors

By Nisthar Cassim

Standard Chartered Bank Malaysia yesterday hailed the visit of Malaysian Prime Minister Najib Tun Razak and stated that there was vast potential for closer ties with Sri Lanka to boost bilateral investment and trade.

Malaysia until a few years ago remained Sri Lanka’s biggest investor with a portfolio of over $ 3 billion in 47 projects, with the flagship among these being telecom giant Dialog Axiata. Sri Lanka and Malaysia’s bilateral trade is currently around $ 700 million. “We see lot of potential for greater trade and investments between Malaysia and Sri Lanka. This visit is part of concerted efforts to explore new opportunities and how we can facilitate our customers in both countries,” Standard Chartered Bank Malaysia Berhad Managing Director and CEO Abrar A. Anwar told the Daily FT yesterday in an interview along with Standard Chartered Bank Sri Lanka CEO Jim McCabe. 

“There could be more Axiata-type investments and companies like Dialog,” added Anwar, who is part of the Malaysian business delegation accompanying Premier Najib. SCB also attended a closed-door bilateral business-to-business discussion chaired by Najib yesterday in Colombo.

Anwar said Malaysia, which is growing at over 6%, is 24th in the world in terms of its external trade, which is worth $ 420 billion with a trade surplus estimated to be $ 20 billion in FY 2017/18. By 2020 Malaysia will also graduate to being a high-income nation. 

According to him, prospects remain high on Malaysian investments and expertise on socioeconomic infrastructure development, energy, services, technology, education and Fast Moving Consumer Goods.

The optimism from SCB is significant since it was Malaysia’s first ever commercial bank, set up 143 years ago, whilst the leading international banking giant has an extensive presence across Asia, Africa and the Middle East with a 150-year history. It also has an active presence in 45 countries within China’s Belt and Road Initiative which the Bank is aggressively promoting. 

McCabe said the high-profile visit by the Malaysian Premier and business delegation was not all about signing deals or transactions but engagement, dialogue and learning from the success of the Southeast Asian nation. “More conversations mean greater learning,” he added.

“Sri Lanka need not fear to engage with other countries, especially in Asia because there is lot to learn and, if explored properly, plenty of opportunities to grow and take Sri Lankan individual businesses and industries to the next level,” emphasised SCB’s Sri Lanka Chief McCabe. 

He also asserted that there was greater scope for more trade and investment between Sri Lanka and Malaysia. Both SCB officials noted that the present was the ideal time to explore greater bilateral ties. 

Anwar said that among the key learnings from Malaysia for Sri Lanka were greater public-private partnerships, opening up for more FDIs, enhancing capacities and anticipating or predicting the future properly and adjusting and aligning policies to harness future growth. 

He also emphasised that Sri Lanka must engage more with the world and deepen its relationship in particular with Asia rather than restricting itself to one or two countries. He added that there was a broad scope for greater integration between Southeast Asia and South Asia and greater connectivity was a key factor. 

Anwar brings with him 26 years of banking experience across Retail, Corporate, Commercial and

Investment Banking in Bangladesh, India and the United Kingdom. He joined Standard Chartered Bank in Bangladesh in January 2011 as Head of Corporate and Institutional Clients and led the corporate client coverage businesses until January 2015 when he was appointed CEO of Bangladesh. As CEO, he has led the bank to strong performances amidst market and regulatory challenges.

Standard Chartered remains a leading player in the Financial Institutions business across the globe, with Correspondent Banking forming an integral part of the solutions the Bank provides to its clients.