THIS year’s Ramadan has coincided with some major business news events, from Proton’s tie-up with Chinese automaker Geely, to the possible merger of RHB Banking Group and Ambank Group.
I have some personal and historical connections to both corporate deals.
Like many Malaysians, my first car was a Proton (a Wira), and so was my wife’s (a Satria). If we include our extended families, our ties with the national carmaker would extend into a wider range of models (the Saga, Tiara, Perdana, to name a few).
In those early days, we all struggled with the familiar teething problems of winding up the door windows, overheating and interior quality issues. But in general, the cars served us well, and we were proud to own and drive a Proton.
When we travelled overseas, the sighting of a Proton on foreign roads was a source of excitement and pride. I also recall covering the entry of Proton into the Philippines in the 1990s.
Since then, however, we have moved back and forth between Proton and other car brands, depending on our financial situation and passenger needs. The last Proton I owned was the first generation 7-seater MPV Exora.
Now that Proton has sealed its strategic partnership with Geely, the prospect of our national car benefiting from the technology and expertise of the various brands under the Chinese automaker’s group sounds promising. I cannot speak for the mainstay Geely brand, but certainly for Volvo (which I have driven) and the London Taxi (as a passenger). The thought of Proton models in future incorporating designs and features from these two models is exciting.
Moving on to the RHB-Ambank deal, as a secondary student in Terengganu many years ago, one of the first bank accounts I opened was with Kwong Yik Bank Bhd, Malaya’s first local bank established in 1913.
In 1997, Kwong Yik Bank would merge with DCB Bank Bhd to become RHB Bank. At the time, its merger formed Malaysia’s third largest banking group.
In fact, RHB Bank has a history of mergers after it was formed. In 1999, it merged with Sime Bank Bhd and in 2003 it joined forces with Bank Utama (M) Bhd.
I am still a customer with RHB Bank to this day, having taken advantage of their RHB Easy loan facility (approval within 10 minutes) which disrupted the industry and spawned similar facilities from other players.
I have also been a customer with Ambank, having taken a hire purchase loan (for a Proton, most likely). Both banks have a long history in the industry, and have chalked up successes in their respective specialty areas over the years.
According to one analyst report after the proposed merger was announced, Ambank is strong in insurance while RHB is better in investment banking. Ambank loans are more in the hire purchase market and bridging loans for companies, while RHB’s is more on consumer loans.
As merger talks commence, they will flesh out how to synergise these strengths, address overlaps, and emerge as a stronger entity that can continue to grow not just locally but also in the region. I wish them all the best in this endeavour.
To digress somewhat in closing, this week also saw the release of the much anticipated Wonder Woman movie, starring Gal Gadot in the leading role, and directed by Patty Jenkins.
The stakes were high for the movie to improve upon past instalments of the DC cinematic universe, and early reviews indicate that it will be a massive hit.
I have no personal connection to Wonder Woman, Ms Gadot or Ms Jenkins, but I believe the movie will have a profound impact, not just in the entertainment industry, but also beyond.
It will inspire women of all ages to strive for greatness, to have confidence in their strengths, and believe that they can make a difference. Many women already do, as we can see from the growing number of women in the corporate sector and decision makers around the world.
Even in our immediate families, we can all recall a mother, aunt, wife, or sister who has faced all manner of adversity and challenges and overcome them. They are all Wonder Women.
**The writer studied journalism at the University of Toledo, Ohio. He has been with the NSTP group for more than two decades, the majority of them at Business Times. He has a wide range of interests in movies and music, plays golf and the drums