Public Bank ties up with Japanese banks
PETALING JAYA: Public Bank Bhd yesterday signed a memorandum of understanding (MoU) with Saitama Resona Bank Ltd and Kinki Osaka Bank Ltd to cross-sell each other’s banking products in Malaysia and Japan.
Saitama Resona Bank and Kinki Osaka Bank are wholly-owned subsidiaries of Resona Holdings Inc, which also owns Resona Bank Ltd, the fourth largest banking group in Japan.
Public Bank said in a statement yesterday, the business collaborations will further facilitate its customers to benefit from the potential and established franchise in Saitama Resona Bank, Saitama Prefecture and Kinki Osaka Bank’s home market.
Under the MoU, the banks will leverage upon their respective strengths and expertise, as well as their respective affiliates to establish and promote to their respective customers appropriate banking products and services in Malaysia and Japan.
“In particular, these services relate to cross border banking transactions and services, which include amongst others, cross border trade settlements, remittance clearance services, credit verification and referrals, and offshore banking service,” it added.
It said the collaborations will also strengthen the banking services support to Saitama Resona Bank and Kinki Osaka Bank’s customers, particularly in the markets where Public Bank has strong network presence including Malaysia, Cambodia, Vietnam, Laos, Hong Kong and Sri Lanka.
In 2013, Public Bank established similar business collaboration with another bank under Resona Holdings, namely Resona Bank.
To date, Saitama Resona Bank has 127 branches, and 126 of those in Saitama Prefecture, with population of over 7.2 million.
Kinki Osaka Bank, which currently has 122 branches in Osaka Prefecture, is engaged in retail banking activities, focusing on small and medium enterprises (SME) and individual segments, such as residential mortgages and investment trust fund.
