Maybank_AR2019-Financial_Statements_Book

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(r) Deferred tax (37,378)
(30,143)
Group – (6,414)
(43,792)
At 1 January (30,143)
– effect of adopting MFRS 9 (1,915) 5,334
6,816
At 1 January, as restated 108,657
Recognised in income statement, net (Note 65(aj)) 6,173 –
Recognised in statement of comprehensive income, net 230 1,499
Disposal of a subsidiary (30,143)
Exchange differences 83,002
At 31 December Total
RM’000
Deferred tax assets of the Group: FVOCI reserve,
(30,143)
Group impairment (1,932)
As at 31 December 2019 (337)
At 1 January 2019 loss on 6,173
Recognised in income statement 3,659
Recognised in statement of comprehensive income Impairment financial 230
Disposal of a subsidiary
Transferred to deferred tax liabilities losses on investments (22,350)
Exchange differences
At 31 December 2019 financing and and amortisation Provision for Other temporary (37,378)
As at 31 December 2018 (6,414)
At 1 January 2018 advances of premium liabilities differences
(43,792)
– effect of adopting MFRS 9 RM’000 RM’000 RM’000 RM’000 5,334
At 1 January 2018, as restated 6,816
Recognised in income statement (22,123) (3,659) – (4,361) 1,499
Recognised in statement of comprehensive income (2,778) – – 846
Exchange differences – – – (337) (30,143)
At 31 December 2018 6,184 – – (11)
– –– Total
230 3,659 –– RM’000
– – (3,863)
(18,487) – –
17
(22,864) (10,664) (5) (3,845) 108,994
(6,258) (145) – (11) (3,659)
(5) 105,352
(29,122) (10,809) (150) (3,856)
6,008 – 126 (524)
– 29 –
991 6,690 – 19
460
(22,123) (4,361)
(3,659)

Deferred tax liabilities of the Group: FVOCI reserve Unabsorbed
RM’000 capital
Group
As at 31 December 2019 allowance
At 1 January 2019 RM’000
Recognised in income statement
Recognised in statement of comprehensive income – –
Transferred from deferred tax asset – 17
At 31 December 2019 108,994
(3,659) –
105,335 –
17

249

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(s) Deposits from customers
17,504,325 16,081,568
Group
Savings deposit 19,704,595 18,403,934
Qard
Demand deposit 123,236,922 111,692,152
Qard 593,295 1,604,097
Term deposit
Murabahah 123,830,217 113,296,249
Qard
161,039,137 147,781,751
Total deposits from customers
2019 2018
(i) The maturity profile of term deposits are as follows: RM’000 RM’000

Group 106,002,510 101,144,116
Within six months 17,720,477 11,663,679
Six months to one year 89,690 474,334
One year to three years 17,540 14,120
Three years to five years
123,830,217 113,296,249
(ii) The deposits are sourced from the following types of customers:
2019 2018
Group RM’000 RM’000
Business enterprises
Individuals 58,847,091 51,815,436
Government and statutory bodies 39,051,336 39,445,354
Others 30,521,401 26,423,140
32,619,309 30,097,821
(t) Investment accounts of customers 161,039,137 147,781,751

Group 2019 2018
Mudharabah RM’000 RM’000
Unrestricted Investment accounts
Restricted Investment accounts* 20,616,075 23,445,562
121,595 119,499
* Net of expected credit losses associated with the financing assets funded by the Restricted Investment Accounts.
20,737,670 23,565,061

250

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) Unrestricted Restricted Total
investment investment investment
(t) Investment accounts of customers (cont’d.) accounts
(i) Movements in the investment accounts of customers are as follows: RM’000 accounts accounts
RM’000 RM’000
Group
23,445,562 119,499 23,565,061
2019 34,447,512 2,129 34,449,641
Funding inflows/(outflows) (37,270,721) – (37,270,721)
At 1 January 2019 (33)
New placement during the financial year (6,278) (6,311)
Redemption during the financial year 20,616,075 121,595 20,737,670
Profit payable
At 31 December 2019 24,555,445 – 24,555,445
36,398,700 119,447 36,518,147
2018 (37,500,226) (37,500,226)
Funding inflows/(outflows) –
At 1 January 2018 (8,357) 52 (8,305)
New placement during the financial year 23,445,562 119,499 23,565,061
Redemption during the financial year
Profit payable Unrestricted Restricted Total
At 31 December 2018 investment investment investment
accounts
(ii) Investment accounts are sourced from the following type of customers: RM’000 accounts accounts
RM’000 RM’000
Group 10,538,830
8,922,749 121,595 10,660,425
2019 95,817 – 8,922,749
Business enterprises 1,058,679 – 95,817
Individuals – 1,058,679
Government and statutory bodies 20,616,075
Others 121,595 20,737,670
11,814,357
2018 10,475,578 119,499 11,933,856
Business enterprises – 10,475,578
Individuals 128,414 –
Government and statutory bodies 1,027,213 – 128,414
Others 23,445,562 1,027,213
119,499 23,565,061
(iii) The maturity profile of investment accounts are as follows:
Unrestricted Restricted Total
Group investment investment investment
2019 accounts
RM’000 accounts accounts
– Without maturity RM’000 RM’000
– With maturity 13,387,845
– 13,387,845
Within six months 5,577,342
Six months to one year 1,633,073 121,595 5,698,937
One year to three years – 1,633,073
Three years to five years 15,045 –
2,770 – 15,045
2,770
7,228,230 121,595
20,616,075 121,595 7,349,825
20,737,670

251

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.)

(t) Investment accounts of customers (cont’d.)
(iii) The maturity profile of investment accounts are as follows (cont’d.):

Group Unrestricted Restricted Total
2018 investment investment investment
accounts
– Without maturity RM’000 accounts accounts
– With maturity RM’000 RM’000
13,067,406
Within six months – 13,067,406
Six months to one year 8,233,509
One year to three years 2,125,559 119,499 8,353,008
Three years to five years – 2,125,559
5,176 –
13,912 – 5,176
10,378,156 13,912
23,445,562 119,499 10,497,655
119,499 23,565,061

(iv) The allocation of investment assets are as follows:

Group Unrestricted Restricted Total
2019 investment investment investment
Retail financing accounts
Non-retail financing RM’000 accounts accounts
RM’000 RM’000
2018
Retail financing 18,855,165 – 18,855,165
Non-retail financing 1,760,910 121,595 1,882,505
121,595
(v) Profit sharing ratio and rate of return are as follows: 20,616,075 20,737,670

21,644,759 – 21,644,759
1,800,803 119,499 1,920,302
119,499
23,445,562 23,565,061

Investment account holder

(“IAH”)

Average profit Average rate

sharing ratio of return

Group %%

2019 51.62 2.61
Unrestricted investment accounts 99.95 4.19
Restricted investment accounts
55.00 2.82
2018 99.95 4.31
Unrestricted investment accounts
Restricted investment accounts

252

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.)

(u) Deposits and placements from financial institutions

Group 2019 2018
RM’000 RM’000

Mudharabah Fund 19,307,946 17,223,165
Licensed banks* 19,307,946 17,223,165

Non-Mudharabah Fund 16,381,929 11,767,354
Licensed banks 1,125,849 497,383
Licensed Islamic banks 199,691 –
Licensed investment banks 1,812,141
Other financial institutions 2,686,233
19,519,610 14,950,970
38,827,556 32,174,135

* Included in the deposits and placements from licensed banks is the Restricted Profit Sharing Investment Account (“RPSIA”) placed by the Group’s conventional operations amounting
to RM19,307.9 million (2018: RM17,223.2 million). These placements are used to fund certain specific financing and advances and net of credit losses associated with the financing
assets funded by RPSIA. The RPSIA is a contract based on the Mudharabah principle between two parties to finance a financing where the investor solely provides capital and the
business venture is managed solely by the entrepreneur. The profit of the business venture is shared between both parties based on pre-agreed ratios. Losses shall be borne by the
Group’s conventional operations as the investor.

(v) Financial liabilities at fair value through profit or loss

Group 2019 2018
RM’000 RM’000

Structured deposits – 385,687

The Group has designated certain structured deposits at fair value through profit or loss. This designation is permitted under MFRS 9 Financial Instruments:
Recognition and Measurement as it significantly reduces accounting mismatch. These instruments are managed by the Group on the basis of its fair value and include
terms that have substantive derivative characteristics.

The carrying amount of structured deposits designated at fair value through profit or loss of the Group as at 31 December 2018 was RM384,986,000. The fair value
changes of the financial liabilities that are attributable to the changes in its own credit risk are not significant.

(w) Other liabilities

Group Note 2019 2018
RM’000 RM’000

Due to holding company 420,793 416,280
Other creditors, provisions and accruals
Defined benefit pension plans 129,615 2,103,513
Allowances for impairment losses on financing commitments and financial guarantee contracts
Lease liabilities – 4,993
Structured deposits
(i) 26,682 30,942

(ii) 12,228 –

1,737 –

591,055 2,555,728

253

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.)

(w) Other liabilities (cont’d.)
(i) Movements in the allowances for impairment losses on financing commitments and financial guarantee contracts are as follows:

Group Stage 1 Stage 2 Stage 3 Total
RM’000
12-month ECL Lifetime ECL Lifetime ECL
RM’000 not credit credit 30,942
impaired –
RM’000 impaired –
RM’000 –

As at 31 December 2019 (4,343)
6,209
At 1 January 2019 24,192 6,474 276 (6,560)
Transferred to Stage 1 130 (130) –
Transferred to Stage 2 (302) 751 459
Transferred to Stage 3 – (449) (25)
Net remeasurement of allowances (6) 6 26,682
New financial assets originated or purchased (5,339) (1,583)
Financial assets derecognised 3,519 2,690 2,579 24,659
Changes in models/risk parameters (2,191) (4,095) – 24,659
Exchange differences
At 31 December 2019 4 455 (274) –
(10) (15) – –
20,003 4,541 – 7,051
5,944
2,138 (7,540)
828
As at 31 December 2018 30,942

At 1 January 2018 14,887 7,550 2,222 2018
– effect of adopting MFRS 9 14,887 7,550 2,222 RM’000
(563) (136)
At 1 January 2018, as restated 699 (449) –
Transferred to Stage 1 (14) 463 (1,256) –
Transferred to Stage 2 9,183 (876) –
Net remeasurement of allowances 2,596 3,079 269 –
New financial assets originated or purchased (3,965) (3,187) (388) –
Financial assets derecognised 806 –
Exchange differences 24,192 8 14 –
At 31 December 2018 6,474 276
2018
(ii) The movement in lease liabilities are as follows: 2019 RM’000
RM’000
Group 11,667
– 24,159
At 1 January 5,583 35,826
– as previously stated 5,583
– effect of adopting MFRS 16 8,902

At 1 January, as restated 240
New lease contracts (2,497)
Finance cost on lease liabilities 12,228
Lease obligation reduction
At 31 December

(x) Provision for taxation and zakat 2019
RM’000
Group
Taxation 5,306
Zakat 32,064
37,370

254

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(y) Term funding
7,888,771 2,734,958
Group
2,003,222 2,003,222
Unsecured term funding: 9,891,993 4,738,180
(i) Commercial Papers

– Less than one year

(ii) Medium Term Notes
– More than one year

Total term funding

The unsecured term fundings are commercial papers and medium term notes denominated in Ringgit Malaysia (“RM”). The profit rates of these unsecured term
fundings ranging from 3.49% to 4.15% per annum (2018: 3.91% to 4.22% per annum).

The following are the changes in the term funding which include the commercial papers/medium term notes/sukuk issued/redeemed by the Group during the
financial year ended 31 December 2019:

(1) Issuance of Islamic Commercial Papers by Maybank Islamic Berhad

The aggregate nominal value of the commercial papers issued by Maybank Islamic Berhad and outstanding as at 31 December 2019 are as follows:

Currency Description Aggregated Nominal Value
(RM’ million)

RM Zero Profit ICP 8,000.0

(z) Subordinated sukuk Note 2019 2018
RM’000 RM’000
Group (i)
RM1,500 million Islamic subordinated sukuk due in 2024 (ii) – 1,516,593
RM1,000 million Islamic subordinated sukuk due in 2026 (iii) 1,017,708 1,017,708
RM1,000 million Islamic subordinated sukuk due in 2029 1,010,603
–
2,028,311
2,534,301

Details of the issued subordinated sukuk are as follows: Profit rate

Note Description/nominal value Issue date First call date Maturity date (% p.a.) Nominal value

Maybank Islamic Berhad 7-Apr-14 5-Apr-19 5-Apr-24 4.75 RM1,500.0 million
RM10.0 billion Subordinated Sukuk Murabahah Programme 15-Feb-16 15-Feb-21 13-Feb-26 4.65 RM1,000.0 million
4.50 RM1,000.0 million
(i) Subordinated Sukuk Murabahah1 5-Apr-19 5-Apr-24 5-Apr-29
(ii) Subordinated Sukuk Murabahah2
(iii) Subordinated Sukuk Murabahah2

1 These subordinated sukuk were fully redeemed on the first call date.
2 The subsidiary may, subject to the prior consent of BNM, redeem these subordinated sukuk, in whole or in part, on the first call date and on each semi-annual profit payment date

thereafter.

(aa) Capital securities

Description Issue date First call date Maturity date 2019 2018
RM’000 RM’000

Maybank Islamic Berhad

RM10.0 billion Additional Tier 1 Sukuk Wakalah Programme 14-Dec-17 14-Dec-22 Perpetual 1,002,170 1,002,441
RM1,000.0 million 4.95% Additional Tier 1 Sukuk Wakalah1

1 The subsidiary, may redeem these capital securities, in whole or in part, on the first call date and on every Periodic Distribution Date thereafter.

255

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(ab) Income derived from investment of depositors’ funds
7,334,262 6,770,868
Group 2,203,823 2,060,940
9,538,085 8,831,808
Income from investment of:
(i) General investment deposits 2019 2018
(ii) Other deposits RM’000 RM’000

(i) Income derived from investment of general investment deposits: 5,804,548 5,480,215
373,320 320,704
Group 315,222 178,607
10,382 7,579
Finance income and hibah: 395,819 363,169
Financing and advances
Financial investments at FVOCI 6,899,291 6,350,274
Financial investments at amortised cost 18,123 35,965
Financial investments at FVTPL
Money at call and deposits and placements with financial institutions 6,917,414 6,386,239

Accretion of discounts, net 301,377 262,940
Total finance income and hibah 5,537 (1,639)
4,291
Other operating income: 54,550
Fee income (151)
Gain/(loss) on disposal of financial investments at FVTPL 669 (4,523)
Gain on disposal of financial investments at FVOCI 516 19,659
Unrealised gain/(loss) on revaluation of: 444 98,439
50,800 5,613
– Financial investments at FVTPL 2,955 384,629
– Financial liabilities at FVTPL 416,848 6,770,868
– Derivatives 7,334,262
Foreign exchange gain, net
Net profit on derivatives
Total other operating income

256

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(ab) Income derived from investment of depositors’ funds (cont’d.)
(ii) Income derived from investment of other deposits: 1,744,170 1,668,087
112,177 97,617
Group 94,719 54,365
3,120 2,307
Finance income and hibah: 118,937
Financing and advances 110,543
Financial investments at FVOCI 2,073,123 1,932,919
Financial investments at amortised cost 5,446
Financial investments at FVTPL 10,947
Money at call and deposits and placements with financial institutions 2,078,569 1,943,866

Accretion of discounts, net 90,558 80,035
Total finance income and hibah 1,664 (499)
1,306
Other operating income: 16,391
Fee income (46)
Gain/(loss) on disposal of financial investments at FVTPL 201 (1,377)
Gain on disposal of financial investments at FVOCI 155 5,984
Unrealised gain/(loss) on revaluation of: 133 29,963
15,264 1,708
– Financial investments at FVTPL 888 117,074
– Financial liabilities at FVTPL 125,254 2,060,940
– Derivatives 2,203,823
Foreign exchange gain, net
Net profit on derivatives 2019 2018
Total other operating income RM’000 RM’000

(ac) Income derived from investment of investment account funds 1,051,371 1,078,834

Group 358 20,234
1,051,729 1,099,068
Finance income and hibah:
Financing and advances

Other operating income:
Fee income

257

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(ad) Income derived from investment of Islamic Banking Funds
339,353 363,511
Group 21,699 20,373
29,802 11,346
Finance income and hibah: 603 481
Financing and advances 25,487 35,788
Financial investments at FVOCI
Financial investments at amortised cost 416,944 431,499
Financial investments at FVTPL 1,053 2,285
Money at call and deposits and placements with financial institutions
417,997 433,784
Accretion of discounts, net
Total finance income and hibah 74,505 67,429
1,457 1,341
Other operating income: 3,171 273
Fee income
Gain on disposal of financial investments at FVTPL 39 (10)
Gain on disposal of financial investments at FVOCI 30 (287)
Unrealised gain/(loss) on revaluation of: 26 1,249
3,434 7,423
– Financial investments at FVTPL 172 357
– Financial liabilities at FVTPL 82,834 77,775
– Derivatives 500,831 511,559
Foreign exchange gain, net
Net profit on derivatives 2019 2018
Total other operating income RM’000 RM’000

(ae) (Writeback of)/allowances for impairment losses on financing and advances, net (343,360) (265,148)
(182,118) 216,484
Group 316,056 450,018

Stage 1 – 12-month ECL, net 21,940 12,124
Stage 2 – Lifetime ECL not credit impaired, net (115,672) (43,441)
Stage 3 – Lifetime ECL credit impaired, net
Bad debts and financing: (199) 380
(303,353) 370,417
– Written-off
– Recovered 2019 2018
(Writeback of)/allowances for impairment losses on other debts RM’000 RM’000

(af) Allowances for/(writeback of) impairment losses on financial investments, net 1,338 (633)
– (125)
Group (758)
1,338
Financial investments at fair value through other comprehensive income (2,501)
Stage 1 – 12-month ECL, net 2,595 (4,310)
Stage 2 – Lifetime ECL not credit impaired, net – (6,811)
(7,569)
Financial investments at amortised cost 2,595
Stage 1 – 12-month ECL, net 3,933
Stage 2 – Lifetime ECL not credit impaired, net

258

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(ag) Writeback of impairment losses on other financial assets, net
(4) (200)
Group
2019 2018
Cash and short-term funds RM’000 RM’000
Stage 1 – 12-month ECL, net
– 1,195
(ah) Profit distributed to depositors 4,408,518 4,043,791

Group 686,556 702,226
458,611 241,952
Deposits from customers:
– Mudharabah Fund 4,298 41,865
– Non-Mudharabah Fund 10 –

Deposits and placements from financial institutions: 5,557,993 5,031,029
– Mudharabah Fund
– Non-Mudharabah Fund 2019 2018
RM’000 RM’000
Financial liabilities at fair value through profit or loss
Structured deposits 37,465 43,260
162 155
(ai) Overhead expenses
5,175 5,650
Group 1,239 –
7,974
Personnel expenses: 52,015 6,178
– Salaries and wages 55,243
– Social security cost 164
– Pension cost - defined contribution plan 2,145 946
– ESGP expenses –
– Other staff related expenses 444
3,419 3,667
Establishment costs: 4,175
– Depreciation of property, plant and equipment (Note 65(o)) 240
– Depreciation of right-of-use assets (Note 65(p)) 5,283 –
– Amortisation of computer software (Note 65(q)) 11,695 5,088
– Information technology expenses 13,876
– Finance cost on lease liabilities 13,773
– Others 2,633 9,939
1,487
Marketing expenses: 16,406 11,426
– Advertisement and publicity
– Others 62,093 62,069
8,202 190
Administration and general expenses:
– Fees and brokerage 18,484 75,640
– Administrative expenses 88,779 137,899
– General expenses
1,343,567 1,281,801
Shared service cost paid/payable to Maybank 1,512,462 1,500,245
Total
966 817
Included in overhead expenses are: 715 –

Shariah Committee Members’ fee and remuneration
Expenses of short-term leases

259

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018
RM’000 RM’000
(aj) Taxation
797,956 667,084
Group 75 50

Tax expense for the financial year: (42,576) (18,553)
Malaysian income tax 755,455 648,581
Foreign income tax
(1,915) 5,334
Over provision in respect of prior years: 753,540 653,915
Malaysian income tax

Deferred tax (Note 65(r)):
Relating to origination and reversal of temporary differences

Effect of changes in tax rate on opening balances of deferred tax

(ak) Commitments and contingencies

In the normal course of business, the Group makes various commitments and incurs certain contingent liabilities with legal recourse to their customers. No material
losses are anticipated as a result of these transactions.

The risk-weighted exposures of the Group as at each reporting date are as follows:

Group Full Credit Risk-
2019 Commitment Equivalent Weighted
Amount*
RM’000 Amount*
RM’000 RM’000

Contingent liabilities 1,881,752 1,842,448 1,409,369
Direct credit substitutes 3,381,084 1,669,027 1,166,710
Certain transaction-related contingent items
Short-term self-liquidating trade-related contingencies 252,361 50,472 21,087
5,515,197 3,561,947 2,597,166

Commitments 23,199,822 872,079 135,683
Irrevocable commitments to extend credit: 9,856,695 11,998,105 4,523,695
12,870,184 4,659,378
– Maturity within one year 33,056,517
– Maturity exceeding one year 53,198 – –
16,432,131 7,256,544
Miscellaneous commitments and contingencies 38,624,912
Total credit-related commitments and contingencies

Derivative financial instruments 16,182,347 218,387 131,094
Foreign exchange related contracts: 3,258,181 44,984 22,946
1,887,107 53,482
– Less than one year 102,275
– One year to less than five years 21,327,635 365,646 207,522
– Five years and above
100,000 127 53
Profit rate related contracts: 3,563,781 68,230 95,954
– Less than one year
– One year to less than five years 360,000 – –
– Five years and above 4,023,781 68,357 96,007
25,351,416 434,003 303,529
Total treasury-related commitments and contingencies 63,976,328 16,866,134 7,560,073
Total commitments and contingencies

* The credit equivalent amount and risk-weighted amount are derived at using the credit conversion factors and risk-weights respectively as specified by BNM.

260

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.)

(ak) Commitments and contingencies (cont’d.)
The risk-weighted exposures of the Group as at each reporting date are as follows (cont’d.):

Group Full Credit Risk-
2018 Commitment Equivalent Weighted
Amount*
RM’000 Amount*
RM’000 RM’000

Contingent liabilities 1,406,819 1,282,494 1,188,080
Direct credit substitutes 3,382,496 1,669,190 1,292,876
Certain transaction-related contingent items
Short-term self-liquidating trade-related contingencies 210,731 54,669 25,219
5,000,046 3,006,353 2,506,175

Commitments 22,252,458 5,315,091 2,611,836
Irrevocable commitments to extend credit: 8,719,317 2,599,960 1,124,353
7,915,051 3,736,189
– Maturity within one year 30,971,775
– Maturity exceeding one year 84,129 – –
10,921,404 6,242,364
Miscellaneous commitments and contingencies 36,055,950
Total credit-related commitments and contingencies 113,693
25,064
Derivative financial instruments 13,094,960 219,591
Foreign exchange related contracts: 3,663,308 56,062 138,757

– Less than one year 16,758,268 275,653 25,037
– One year to less than five years 196,829
1,370,776 141,687 145,821
Profit rate related contracts: 2,452,770 440,646 367,687
– Less than one year 2,395,554 167,587 506,444
– One year to less than five years 6,219,100 749,920 6,748,808
– Five years and above 22,977,368 1,025,573
59,033,318 11,946,977
Total treasury-related commitments and contingencies
Total commitments and contingencies

* The credit equivalent amount and risk-weighted amount are derived at using the credit conversion factors and risk-weights respectively as specified by BNM.

261

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.) 2019 2018

(al) Capital adequacy 14.360% 16.812%
The capital adequacy ratios of the Group are as follows: 15.762% 18.415%
19.088% 22.943%
Group

CET1 Capital Ratio
Tier 1 Capital Ratio
Total Capital Ratio

Components of capital: 2019 2018
Group RM’000 RM’000

CET1 Capital 7,202,398 7,473,540
Share capital/Islamic Banking Fund 2,887,335 3,050,868
Retained profits 1,186,773
Other reserves 11,276,506 309,683
CET1 Capital before regulatory adjustments (1,033,520) 10,834,091
Less: Regulatory adjustment applied in CET1 Capital 10,242,986
Total CET1 Capital (348,615)
10,485,476
Additional Tier 1 Capital
Capital securities 1,000,000 1,000,000
Total Tier 1 Capital 11,242,986 11,485,476

Tier 2 Capital 2,000,000 2,500,000
Subordinated Sukuk 17,675 24,192
General provisions1
Surplus of eligible provision over expected loss 354,063 299,696
Total Tier 2 Capital 2,371,738 2,823,888
Total Capital 13,614,724 14,309,364

1 Refers to loss allowance measured at an amount equal to 12-month and lifetime expected credit losses and regulatory reserve, to the extent they are ascribed to non-credit impaired
exposures, determined under Standardised Approach for credit risk.

The breakdown of RWA by each major risk categories are as follows:

Group 2019 2018
RM’000 RM’000

Standardised Approach exposure 3,202,198 5,809,095
Internal Ratings-Based Approach exposure after scaling factor 69,483,314 60,840,802
Total RWA for credit risk 72,685,512 66,649,897
Total RWA for credit risk absorbed by Maybank and IAH* (10,472,880) (13,113,007)
Total RWA for market risk
Total RWA for operational risk 963,783 1,301,881
Total RWA 8,151,505 7,531,362
71,327,920 62,370,133

* In accordance to the BNM Investment Account policy, the credit risk weighted assets funded by investment accounts (Unrestricted Investment Account and Restricted Investment
Account) are excluded from the calculation of capital adequacy ratio of the Bank.

262

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.)

(am) Fair values of financial assets and financial liabilities

The estimated fair values of financial assets and financial liabilities as at the reporting date approximate their carrying amounts as shown in the statement of
financial position, except for the following financial assets and liabilities:

Group Level 1 Level 2 Level 3 Total fair value Carrying amount
2019 RM’000 RM’000
RM’000 RM’000 RM’000

Financial assets – 9,753,627 – 9,753,627 9,671,676
Financial investments at amortised cost
Financing and advances – 15,040,498 186,541,367 201,581,865 189,762,974

Financial liabilities – 160,938,044 – 160,938,044 161,039,137
Customers’ funding: – 20,738,073 – 20,738,073 20,737,670
– 38,792,077 – 38,792,077 38,827,556
– Deposits from customers – 9,920,743 – 9,920,743 9,891,993
– Investment accounts of customers^ – 2,150,739 – 2,150,739 2,028,311
Deposits and placements from financial institutions – 1,018,218 – 1,018,218 1,002,170
Term funding
Subordinated sukuk
Capital securities

2018 – 6,609,126 – 6,609,126 6,608,811
Financial assets
Financial investments at amortised cost – 24,405,455 151,331,186 175,736,641 174,288,168
Financing and advances

Financial liabilities – 147,777,725 – 147,777,725 147,781,751
Customers’ funding: – 23,565,595
– 32,116,353 – 23,565,595 23,565,061
– Deposits from customers – 4,730,383
– Investment accounts of customers^ – 2,584,647 – 32,116,353 32,174,135
Deposits and placements from financial institutions – 998,975
Term funding – 4,730,383 4,738,180
Subordinated sukuk
Capital securities – 2,584,647 2,534,301

– 998,975 1,002,441

^ Investment accounts of customers are used to fund financing and advances as disclosed in Note 65(k)(vii).

The methods and assumptions used to estimate the fair values of the financial assets and financial liabilities of IBS operations are as disclosed in Note 56.

(an) Allocation of income

The policy of allocation of income to the various types of deposits and investments is subject to the “Framework of Rate of Return” issued by BNM in October 2001
and has been updated on 13 March 2013. The objective is to set the minimum standard and terms of reference for the Islamic banking institutions in calculating and
deriving the rate of return for the depositors.

(ao) Shariah disclosures

(i) Shariah Committee and governance

The operation of the Group is governed by Sections 28 and 29 of the Islamic Financial Services Act 2013 (“IFSA”), which stipulates that “any licensed institution
shall at all times ensure that its aims and operations, business, affairs and activities are in compliance with Shariah and in accordance with the advice or ruling
of Shariah Advisory Council (“SAC”), specify standards on Shariah matters in respect of the carrying on of its business, affair or activity” and Section IV of
BNM’s “Guidelines on the Governance of Shariah Committee for The Islamic Financial Institutions” known as the Shariah Governance Framework (“SGF”)
(which supersedes the BNM/GPS 1), which stipulates that “Every Islamic institution is required to establish a Shariah Committee”.

Based on the above, the duties and responsibilities of the Group’s Shariah Committee are to advise on the overall Islamic Banking operations of the Group’s
business in order to ensure compliance with the Shariah requirements.

263

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

65. THE OPERATIONS OF ISLAMIC BANKING SCHEME (“IBS”) (CONT’D.)

(ao) Shariah disclosures (cont’d.)
(i) Shariah Committee and governance (cont'd.)
The roles and responsibilities of Shariah Committee (“SC”) in monitoring the Group’s activities include:
(a) To advise the Board on Shariah matters in its business operations;
(b) To endorse Shariah Compliance Manual;
(c) To endorse and validate relevant documentations;
(d) To assist related parties on Shariah matters for advise upon request;
(e) To advise on matters to be referred to the SAC;
(f) To provide written Shariah opinion; and
(g) To assist the SAC on reference for advise.
The Shariah Committee at the Group level has five members.
Any transaction suspected as Shariah non-compliance will be escalated to the SC for deliberation and decision whether any Shariah requirements have been
breached. Shariah Risk Management will track on the incident and rectification status, and ensure timely reporting to the SC, Board and Bank Negara Malaysia.
For any Shariah non-compliance transactions, the related income will be purified by channeling the amount to an approved charitable organisation.
(ii) Shariah non-compliance events
The nature of transactions deliberated at the Shariah Committee for Shariah non-compliance as at each reporting date are as follows:

Group No. of events RM’000

2019 1 Nil
1 –*
Ujrah fee charged on terminated/cancelled credit card 2–
Conventional will writing fee capitalised in the Islamic home financing facility

2018 1 28
Non-execution of Commodity Murabahah trading prior to financing disbursement 1 28

* Denotes RM36.72

Apart from the purification of income from Shariah non-compliance events, Maybank Islamic Berhad has implemented several rectification measures relating
to systems, processes and procedures to enhance control mechanism and minimise recurrence of Shariah non-compliance incidents.

(iii) Sources and uses of charity funds

Group 2019 2018
RM’000 RM’000

Sources of charity funds –* 28
Shariah non-compliance/prohibited income –* 28
Total sources of charity funds during the financial year
–* 28
Uses of charity funds –* 28
Contribution to non-profit organisation –* –
Total uses of charity funds during the financial year
Undistributed charity funds as at 31 December

* Denotes RM36.72

(iv) Recognition and measurement by main class of Shariah contracts

The recognition and measurement of each main class of Shariah contracts is dependent on the nature of the products, either financing or deposit product. The
accounting policies for each of these products are disclosed in their respective policies.

264

Notes to the Financial Statements

31 December 2019

66. DETAILS OF SUBSIDIARIES, DEEMED CONTROLLED STRUCTURED ENTITIES, ASSOCIATES AND JOINT VENTURES

(a) Details of the subsidiaries are as follows:

Country of Effective Interest held
Incorporation/
Principal Effective Interest held by by the Non-Controlling
Place of
Business Share Capital the Group Interest Total

Name of Company Principal 2019 2018 2019 2018 2019 2018 2019 2018
Activities RM RM % % % % % %

Banking

Maybank Islamic Berhad Islamic banking Malaysia 7,197,397,860 7,197,397,860 100.00 100.00 – – 100.00 100.00
Indonesia – 819,307,000,0001 – 100.00 – – – 100.00
PT Bank Maybank Syariah Disposed
Indonesia10 Malaysia 3,500,0002 3,500,0002 100.00 100.00 – – 100.00 100.00
Philippines 10,545,500,3023 10,545,500,3023 99.98 99.98 0.02 0.02 100.00 100.00
Maybank International (L) Ltd. Offshore banking Indonesia 10,213,284,063,0181 10,213,284,063,0181 98.5414 98.5414 1.46 1.46 100.00 100.00
Cambodia 100.00 100.00
Maybank Philippines, Incorporated10 Banking Singapore 75,000,0002 75,000,0002 100.00 100.00 – – 100.00 100.00
2,400,000,1004 2,400,000,1004 – – 100.00 100.00
PT Bank Maybank Indonesia Tbk10 Banking

Maybank (Cambodia) Plc.10 Banking

Maybank Singapore Limited10 Banking

Finance Ceased operations Malaysia 847,500,000 847,500,000 100.00 100.00 – – 100.00 100.00
Investment holding Malaysia 204,070,181 10,000,000 100.00 100.00 – – 100.00 100.00
Myfin Berhad Multi-financing Indonesia 32,370,000,0001 32,370,000,0001 98.5314 98.5314 1.47 1.47 100.00 100.00
Multi-financing Indonesia 508,338,022,1741 508,338,022,1741 67.5514 67.5514 32.45 32.45 100.00 100.00
Maybank Alliances Sdn. Bhd.
Money lending Singapore 100,0004 24 100.00 100.00 – – 100.00 100.00
PT Maybank Indonesia Finance10

PT Wahana Ottomitra Multiartha
Tbk10

Kim Eng Finance (Singapore)
Pte. Ltd.10

Insurance Investment holding Malaysia 660,866,223 660,866,223 69.05 69.05 30.95 30.95 100.00 100.00
Maybank Ageas Holdings Berhad 3,500,0002
Etiqa Life International (L) Ltd. Offshore Malaysia 3,500,0002 69.05 69.05 30.95 30.95 100.00 100.00
229,878,927
Etiqa General Insurance Berhad investment- 100,000,000

Etiqa Family Takaful Berhad linked business

Etiqa Offshore Insurance (L) Ltd. General insurance Malaysia 229,878,927 69.05 69.05 30.95 30.95 100.00 100.00
Etiqa International Holdings business 100,000,000 69.05 69.05 30.95 30.95 100.00 100.00

Sdn. Bhd. Family takaful and Malaysia
Etiqa Life and General Assurance investment-
linked
Philippines Inc10 (formerly businesses
known as AsianLife and General
Assurance) Bureau services Malaysia 215,5002 215,5002 69.05 69.05 30.95 30.95 100.00 100.00
Etiqa Insurance Pte. Ltd.10 485,310,828 485,310,828 100.00 100.00 – – 100.00 100.00
Investment holding Malaysia
PT Asuransi Etiqa Internasional 1,206,511,1523 95.24 4.76 4.76 100.00 100.00
Indonesia11 (formerly known as General insurance Philippines 1,206,511,1523 95.24
PT Asuransi Asoka Mas) and life Singapore
insurance Indonesia 118,000,0004 93,000,0004 69.05 69.05 30.95 30.95 100.00 100.00
Etiqa Life Insurance Berhad businesses
265,500,000,0001 150,000,000,0001 80.00 75.00 20.00 25.00 100.00 100.00
Etiqa General Takaful Berhad General insurance
and life
Etiqa General Insurance insurance
(Cambodia) Plc10 businesses

Etiqa Life Insurance General insurance
(Cambodia) Plc10 business

Life insurance and Malaysia 100,000,000 100,000,000 69.05 69.05 30.95 30.95 100.00 100.00
investment-
linked Malaysia 870,000,000 870,000,000 69.05 69.05 30.95 30.95 100.00 100.00
businesses Cambodia 9,000,0002 – 100.00 – – – 100.00 100.00
Cambodia 9,000,0002 – 100.00 – – – 100.00 100.00
General takaful
business

General insurance
business

Life insurance and
investment-
linked
businesses

265

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

66. DETAILS OF SUBSIDIARIES, DEEMED CONTROLLED STRUCTURED ENTITIES, ASSOCIATES AND JOINT VENTURES
(CONT’D.)

(a) Details of the subsidiaries are as follows (cont’d.):

Country of Effective Interest held
Incorporation/
Principal Effective Interest held by by the Non-Controlling
Place of
Business Share Capital the Group Interest Total

Principal 2019 2018 2019 2018 2019 2018 2019 2018
Activities RM % %
Name of Company RM % % % %

Investment Banking Investment banking Malaysia 222,785,000 222,785,000 100.00 100.00 – – 100.00 100.00
Maybank Investment Bank Berhad Investment holding Malaysia 162,000,000 162,000,000 100.00 100.00 – – 100.00 100.00
Maysec Sdn. Bhd. Under member’s Philippines 21,875,0003 21,875,0003 100.00 100.00 – – 100.00 100.00
PhileoAllied Securities
voluntary 742,011 742,011 100.00 100.00 – – 100.00 100.00
(Philippines) Inc.10 liquidation
Business/Economic Malaysia 4,390,000,000 4,390,000,000 100.00 100.00 – – 100.00 100.00
BinaFikir Sdn. Bhd. consultancy and 211,114,2244 100.00 – – 100.00 100.00
advisory 75,000,0004 211,114,2244 100.00 100.00 – – 100.00 100.00
Maybank International Holdings Investment holding Malaysia 99.78 0.22 0.22 100.00 100.00
Sdn. Bhd. 589,805,000,0001 75,000,0004 100.00 83.50 16.50 16.50 100.00 100.00
Investment holding Singapore 3,377,643,2297
Maybank Kim Eng 589,805,000,0001 99.78 100.00 – – 100.00 100.00
Holdings Limited10 Dealing in securities Singapore 600,0006 3,377,643,2297 83.50 100.00 – – 100.00 100.00
26,500,0002 100.00 – – 100.00 100.00
Maybank Kim Eng Securities Pte. Dealing in securities Indonesia 500,000,0008 100.00 – – 100.00 100.00
Ltd.10 Dealing in securities Thailand 30,000,0005 100.00 – – 100.00 100.00
100.00 – – 100.00 100.00
PT. Maybank Kim Eng Sekuritas10 Dealing in securities United Kingdom 300,0004 600,0006 100.00 100.00 – – 100.00 100.00
Maybank Kim Eng Securities 310,000,0005 100.00 – – 100.00 100.00
Dealing in securities United States 21,500,0002 100.00
(Thailand) Public Company of America 6,000,0005 100.00 – – 100.00 100.00
Limited10 872,558,0003 290,000,0008 100.00 100.00 – – 100.00 100.00
Maybank Kim Eng Securities Dealing in securities India
(London) Limited10 404,795,9003
Maybank Kim Eng Securities Securities trading Hong Kong 1,056,110,000,0009 30,000,0005 100.00
USA Inc.11 300,0004 100.00
Kim Eng Securities India Private Provision of Singapore
Limited10
Ong Asia Securities (HK) Limited10 research services
Maybank Kim Eng Research
Pte. Ltd.10 Dealing in securities Hong Kong 310,000,0005 100.00
Kim Eng Securities (Hong Kong)
Limited10 Futures contracts Hong Kong 6,000,0005 100.00
Kim Eng Futures (Hong Kong) broker
Limited10 872,558,0003 100.00
Maybank ATR Kim Eng Capital Corporate finance Philippines
Partners, Inc.10 & financial and 404,795,9003 100.00
investment 1,056,110,000,0009 100.00
Maybank ATR Kim Eng Securities, advisory
Inc.10
Dealing in securities Philippines
Maybank Kim Eng Securities
Limited10 Dealing in securities Vietnam

Asset Management/Trustees/Custody

Maybank Asset Management Investment holding Malaysia 262,300,030 262,300,030 80.00 80.00 20.00 20.00 100.00 100.00

Group Berhad 5,000,000
7,284,748,970
Maybank (Indonesia) Berhad Dormant Malaysia 2,879,678,473 5,000,000 100.00 100.00 – – 100.00 100.00
7,284,748,970 100.00 100.00 – – 100.00 100.00
Cekap Mentari Berhad Investment holding Malaysia 9,813,403,836 2,879,678,473 100.00 100.00 – – 100.00 100.00

Maybank International Trust Investment holding Malaysia 500,000
14,000,000
(Labuan) Berhad
47,720,000
Maybank Offshore Corporate Investment holding Malaysia 9,813,403,836 100.00 100.00 – – 100.00 100.00
100,000,0003
Services (Labuan) Sdn. Bhd.

Maybank Trustees Berhad Trustee services Malaysia 500,000 100.00 100.00 – – 100.00 100.00
14,000,000 80.00 80.00 20.00 20.00 100.00 100.00
Maybank Private Equity Sdn. Bhd. Private equity Malaysia

investments

Maybank Asset Management Fund management Malaysia 47,720,000 80.00 80.00 20.00 20.00 100.00 100.00

Sdn. Bhd.

Philmay Property, Inc.10 Property leasing Philippines 100,000,0003 60.00 60.00 40.00 40.00 100.00 100.00

and trading

266

Notes to the Financial Statements

31 December 2019

66. DETAILS OF SUBSIDIARIES, DEEMED CONTROLLED STRUCTURED ENTITIES, ASSOCIATES AND JOINT VENTURES
(CONT’D.)

(a) Details of the subsidiaries are as follows (cont’d.):

Country of Effective Interest held
Incorporation/
Principal Effective Interest held by by the Non-Controlling
Place of
Business Share Capital the Group Interest Total

Principal 2019 2018 2019 2018 2019 2018 2019 2018
Activities RM % %
Name of Company RM % % % %

Asset Management/Trustees/Custody (cont'd.)

Maybank (Nominees) Sdn. Bhd. Nominee Malaysia 31,000 31,000 100.00 100.00 – – 100.00 100.00

services 10,000 100.00 – – 100.00 100.00

Maybank Nominees (Tempatan) Nominee Malaysia 10,000 10,000 100.00 100.00 – – 100.00 100.00

Sdn. Bhd. services 60,0004 100.00 – – 100.00 100.00

Maybank Nominees (Asing) Nominee Malaysia 35 10,000 100.00 100.00 – – 100.00 100.00

Sdn. Bhd. services 10,000 100.00 – – 100.00 100.00

Maybank Nominees (Singapore) Nominee Singapore 10,000 60,0004 100.00 100.00 – – 100.00 100.00

Private Limited10 services 753,908,638 100.00 – – 100.00 100.00
81,196,888 100.00 – – 100.00 100.00
Maybank Nominees (Hong Kong) Nominee Hong Kong 1,000,000 35 100.00 100.00 – – 100.00 100.00

Limited10 services 10,000 100.00 – – 100.00 100.00

Maybank Securities Nominees Nominee Malaysia 410,000 10,000 100.00 100.00 – – 100.00 100.00
12 69.05 30.95 30.95 100.00 100.00
(Tempatan) Sdn. Bhd. services 69.05 30.95 30.95 100.00 100.00
35,000,000
Maybank Securities Nominees Nominee Malaysia 10,000 100.00
882,010,6004
(Asing) Sdn. Bhd. services –
24
Maybank Allied Berhad Investment holding Malaysia 753,908,638 100.00
8,000,0004 81,196,888 100.00
Dourado Tora Holdings Sdn. Bhd. Investment holding Malaysia 1,000,000 100.00
94,5564
Aurea Lakra Holdings Sdn. Bhd. Property Malaysia 415,000,0005

investment 500,0002

KBB Nominees (Tempatan) Nominee Malaysia 200,0004 10,000 100.00
10,0004
Sdn. Bhd. services
–
KBB Properties Sdn. Bhd. Ceased operations Malaysia 9,768,5124 410,000 100.00
12 69.05
Etiqa Overseas Investment Pte. Ltd. Investment holding Malaysia 25 69.05
35,000,000
Double Care Sdn. Bhd.13 Under member’s Malaysia 3,000,0002

voluntary 275,730,000,0001
5,000,000
liquidation
48,000,000,0001
Sorak Financial Holdings Pte. Ltd.10 Investment holding Singapore 3,000,000 882,010,6004 100.00 100.00 – – 100.00 100.00
24 – 100.00 – – – 100.00
Rezan Pte. Ltd.13 Liquidated Singapore 12 24 100.00 – – 100.00 100.00
60,000,0008 100.00 100.00 – – 100.00 100.00
Maybank KE Strategic Pte. Ltd.10 Investment holding Singapore 8,000,0004 100.00
5,000,000 80.00 – 20.00 100.00 100.00
Maybank Kim Eng Properties Property Singapore 50,0004 100.00 – – 100.00 100.00
100.00 – – 100.00 100.00
Pte. Ltd.10 investment
100.00 – – 100.00 100.00
Strategic Acquisitions Pte. Ltd.10 Fund management Singapore 14 100.00 100.00 – – 100.00 100.00
415,000,0005 100.00
Kim Eng Investment Limited10 Investment holding Hong Kong 100.00
500,0002
KE Sovereign Limited12 Investment holding British Virgin

Islands

FXDS Learning Group Pte. Ltd.10 Financial education Singapore 200,0004 100.00
10,0004 100.00
Maybank Kim Eng Securities Acting as nominee Singapore

Nominees Pte. Ltd.10 for beneficiary

shareholders

St. Michael’s Development Pte. Ltd.10 Liquidated Singapore 1,000,0004 – 100.00 – – – 100.00
16,768,5124 80.00 80.00 20.00 20.00 100.00 100.00
Maybank Asset Management Fund management Singapore
100.00 – – 100.00 100.00
Singapore Pte. Ltd.10
100.00 – – 100.00 100.00
Kim Eng Nominees (Hong Kong) Nominee services Hong Kong 25 100.00
100.00 – – 100.00 100.00
Limited10 100.00 – – 100.00 100.00
79.20 20.80 20.80 100.00 100.00
Maybank Kim Eng Properties Property United States of 3,000,0002 100.00 80.00 20.00 20.00 100.00 100.00

USA Inc.12 investment America 80.00 20.00 20.00 100.00 100.00
100.00 – – 100.00 100.00
PT Prosperindo11 Investment holding Indonesia 275,731,829,8361 100.00
5,000,000 100.00 80.00 20.00 20.00 100.00 100.00
Maybank Shared Services Sdn. Bhd. IT shared services Malaysia 79.20 80.00 20.00 20.00 100.00 100.00
48,000,000,0001 80.00
PT Maybank Asset Management10 Fund management Indonesia 3,000,000

Maybank Islamic Asset Fund management Malaysia

Management Sdn. Bhd.

MAM DP Ltd. Fund management Malaysia 12 80.00
60,000,0008 100.00
MBB Labs Private Limited10 IT development India

services

Amanah Mutual Berhad Fund management Malaysia 5,000,000 80.00
9,400,0004 80.00
Singapore Unit Trusts Limited10 Dormant Singapore

267

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

66. DETAILS OF SUBSIDIARIES, DEEMED CONTROLLED STRUCTURED ENTITIES, ASSOCIATES AND JOINT VENTURES
(CONT’D.)

(b) Details of the deemed controlled structured entities are as follows:

Effective Interest

Country of Incorporation/ 2019 2018
Principal Place of Business
Name of Company Principal Activities %%
British Virgin Islands
Held by the Bank Equity Fund British Virgin Islands 87 89
Akshayam Asia Fund Limited10 Equity Fund Cayman Islands 100 100
Akshayam Asia Master Fund Limited10 Fixed Income Fund and other securities Singapore
Maybank Bluewaterz Total Return Bond Fund10 Equity Fund Malaysia – 54
Maybank Enhanced Income Fund10 Equity Fund 95 –
Maybank SmallCap Trust Fund Malaysia 89 –
Private Equity Fund Singapore
Held through subsidiaries Equity Fund Singapore 100 80
MAM PE Asia Fund I (Labuan) LLP Fixed Income Fund Malaysia – 46
Maybank Asian Equity Fund10 Equity Fund – 47
Maybank Asian Income Fund10 – 68
Maybank Malaysia Equity-I Fund

(c) Details of the associates are as follows:

Effective Interest

Country of Incorporation/ 2019 2018
Principal Place of Business
Name of Company Principal Activities %%

Held by the Bank Leasing Uzbekistan 20 20
Uzbek Leasing International A.O.11 Investment holding Philippines 33 33
Philmay Holding, Inc.10 Banking Vietnam 20 20
An Binh Commercial Joint Stock Bank11 Fixed Income Fund Malaysia
Maybank Malaysia Sukuk Fund –8

Held through subsidiaries General takaful business Pakistan 22 22
Pak-Kuwait Takaful Company Limited11 Banking Pakistan 19 19
MCB Bank Limited11 Under member’s voluntary liquidation Malaysia 23 23
Asian Forum, Inc.11 Broker between participants in forex and fixed income Philippines 49 49
Tullet Prebon (Philippines), Inc.11 Insurance brokerage Philippines 23 23
Adrian V. Ocampo Insurance Brokers, Inc.10 Undertake e-payment business Malaysia 30 –
GPay Network (M) Sdn Bhd

(d) Details of the joint venture is as follows:

Effective Interest

Country of Incorporation/ 2019 2018
Principal Place of Business
Name of Company Principal Activities %%

Anfaal Capital11 Investment banking Kingdom of Saudi Arabia 35 35
Note:

1 Indonesia Rupiah (IDR)
2 United States Dollars (USD)
3 Philippine Peso (Peso)
4 Singapore Dollars (SGD)
5 Hong Kong Dollars (HKD)
6 Great Britain Pound (GBP)
7 Thailand Baht (THB)
8 Indian Rupee (INR)
9 Vietnamese Dong (VND)
10 Audited by other member firms of Ernst & Young Global
11 Audited by firms of auditors other than Ernst & Young Global
12 No audit required as allowed by the laws of the respective country of incorporation
13 No audit required as the entity is under members’ voluntary liquidation
14 In the financial year ended 31 December 2013, the Group completed the disposal of 18.3% equity interest in PT Bank Maybank Indonesia Tbk (“BMI”) to a third party investor. The

disposal was undertaken to ensure compliance with the Otoritas Jasa Keuangan (“OJK”)’s mandatory sell down requirement under the OJK Regulation No. IX.H.1. The Group has also
entered into a commercial arrangement where the economic exposure resulting from the disposal is being retained. Hence, the disposal has no financial impact to the Group and has
not resulted to a decrease in the Group’s effective interest in BMI.

67. CURRENCY

The financial statements are presented in Ringgit Malaysia (“RM”), which is also the Bank’s functional currency and rounded to the nearest thousand (RM’000) unless
otherwise stated.

268

Notes to the Financial Statements

31 December 2019

68. DIRECTORS OF SUBSIDIARIES OF THE GROUP

The following is the list of directors who served on the Boards of the subsidiaries of the Group since the beginning of the current financial year to the date of the directors’
report:

Name of Company Name of Directors Name of Company Name of Directors

Maybank Islamic Berhad Zainal Abidin bin Jamal Kim Eng Finance Bedi Harmeet Singh
Dali Kumar @ Dali bin Sardar (Singapore) Pte. Ltd. Jeffrey Goh Cho Kiat (appointed on
Datuk Mohd Anwar bin Yahya
Dato’ Zulkiflee Abbas bin Abdul Hamid (appointed on 11 September 2019)
Chuah Lai Hock (resigned on 12 September 2019)
25 April 2019)
Associate Professor Dr. Aznan bin Hasan (appointed on Maybank Ageas Datuk R. Karunakaran
Holdings Berhad Bart K.A. De Smet
25 April 2019) Dato’ Johan bin Ariffin
Shariffuddin bin Khalid (appointed on 13 June 2019) Gary Lee Crist
Nor Hizam bin Hashim (retired on 12 June 2019) Dato’ Amirul Feisal bin Wan Zahir
Dato’ Dr. Muhammad Afifi al-Akiti (retired on Dato’ Majid bin Mohamad
Datuk Mohd Najib bin Abdullah
14 August 2019)

Maybank International Khalijah binti Ismail Etiqa Life International Datuk Sulaiman bin Salleh
(L) Ltd. Khairudin bin Abdul Rahman (L) Ltd. Frank J.G. Van Kempen
Aziah binti Abdullah Lee Hin Sze

Maybank Philippines, Fauziah binti Hisham Etiqa General Insurance Datuk Mohd Najib bin Abdullah
Incorporated Datuk Lim Hong Tat Berhad Datuk Normala binti A. Manaf
Pollie Sim Sio Hoong Philippe Pol Arthur Latour
Atty. Ray C. Espinosa Frank J.G. Van Kempen
Renato Tinio De Guzman Koh Heng Kong
Aloysius B. Colayco Serina binti Abdul Samad (appointed on
Choong Wai Hong
Manuel Nava Tordesillas 2 December 2019)
Simoun S. Ung (appointed on 3 December 2019) Dato’ Johan bin Ariffin (resigned on 1 March 2019)
Dato’ Dr. Tan Tat Wai (resigned on 16 April 2019) Loh Lee Soon (resigned on 23 December 2019)

PT Bank Maybank Datuk Abdul Farid bin Alias Etiqa Family Takaful Dato’ Majid bin Mohamad
Indonesia Tbk Budhi Dyah Sitawati Berhad Philippe Pol Arthur Latour
Achjar Iljas Dato’ Mohamed Rafique Merican bin Mohd
Edwin Gerungan
Dr. Hendar Wahiduddin Merican
Datuk Lim Hong Tat1 Dato’ Johan bin Ariffin
Wong Pakshong Kat Jeong Colin Stewart
Maybank (Cambodia) Plc. Spencer Lee Tien Chye Dr. Abdul Rahim bin Abdul Rahman (resigned on
Datuk Hamirullah bin Boorhan
Soon Su Long 23 September 2019)
Anthony Brent Elam
Shariffuddin bin Khalid (appointed on 29 March 2019) Etiqa Offshore Insurance Datuk Sulaiman bin Salleh
Dato’ Johan bin Ariffin (resigned on 29 March 2019)
(L) Ltd. Frank J.G. Van Kempen

Lee Hin Sze

Maybank Singapore Datuk R. Karunakaran Etiqa International Datuk R. Karunakaran
Limited Datuk Abdul Farid bin Alias Holdings Sdn. Bhd. Dato’ Johan bin Ariffin
Anthony Brent Elam Dato’ Amirul Feisal bin Wan Zahir
Spencer Lee Tien Chye
Wong Heng Ning Kevin Etiqa Life and General Kamaludin bin Ahmad
Lee Yong Guan Assurance Philippines, Lee Hin Sze
Renato Tinio De Guzman (appointed on 1 July 2019) Inc. (formerly known Manuel N. Tordesillas
as AsianLife & General Eulogio A. Mendoza
Myfin Berhad Loy Teck Wooi Assurance Corporation) Ma. Victoria C. Vinas
Surin Segar a/l Gnanasegaram Rico T. Bautista (appointed on 19 March 2019)

Maybank Alliances Surin Segar a/l Gnanasegaram Ricardo Nicanor N. Jacinto (appointed
Sdn. Bhd. Khalijah binti Ismail (appointed on 30 January 2019)
Leong Chin Seng (resigned on 31 January 2019) 14 February 2020)

Modesta P. Mammuad (resigned on 17 June 2019)

Joven D. Reyes (resigned on 29 November 2019)

Etiqa Insurance Pte. Ltd. Kamaludin bin Ahmad
Frank J.G. Van Kempen
PT Maybank Indonesia Deswandhy Agusman Sallim bin Abdul Kadir
Finance Ghazali bin Mohd Rasad Wong Pakshong Kat Jeong Colin Stewart
Jenny Wiriyanto (resigned on 8 January 2020) Dr. John Lee Hin Hock
Dato’ Johan bin Ariffin (appointed on 3 April 2019)
PT Wahana Ottomitra I Nyoman Tjager Dato’ Mohd Salleh bin Hj Harun (retired on
Multiartha Tbk Robbyanto Budiman
Garibaldi Thohir 3 April 2019)
Thilagavathy Nadason
Myrnie Zachraini Tamin

1 The appointment is effective since 5 August 2019 upon approval obtained from the Financial Services Authority.

269

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

68. DIRECTORS OF SUBSIDIARIES OF THE GROUP (CONT’D.)

The following is the list of directors who served on the Boards of the subsidiaries of the Group since the beginning of the current financial year to the date of the directors’
report (cont’d.):

Name of Company Name of Directors Name of Company Name of Directors

PT Asuransi Etiqa Kamaludin bin Ahmad Maybank International Wan Marzimin bin Wan Muhammad
Internasional Indonesia Andy Wardhana Putra Tanumihardja Holdings Sdn. Bhd. Mohamad Yasin bin Abdullah
(formerly known as PT Endra Raharja Oka Masagung
Asuransi Asoka Mas) Wijayanto Maybank Kim Eng Datuk Mohaiyani binti Shamsudin
Siti Nita Zuhra binti Mohd Nazri Holdings Limited Dato’ Muzaffar bin Hisham
Etiqa Life Insurance Berhad Adie Poernomo Widjaya Dr. John Lee Hin Hock
Amir Imam Poero (ceased on 28 May 2019) Dato’ Sri Sharifah Sofianny binti Syed Hussain
Etiqa General Takaful
Berhad Datuk Mohd Najib bin Abdullah (appointed on 1 August 2019)
Dato’ Johan bin Ariffin Che Zakiah binti Che Din (appointed on
Etiqa General Insurance Datuk Normala binti A. Manaf
(Cambodia) Plc Philippe Pol Arthur Latour 1 August 2019)
Loh Lee Soon Dato’ Abdul Hamid bin Sheikh Mohamed (appointed on
Etiqa Life Insurance Frank J.G. Van Kempen
(Cambodia) Plc Wong Pakshong Kat Jeong Colin Stewart 1 August 2019)
Goh Ching Yin (appointed on 1 August 2019)
Maybank Investment Dato’ Majid bin Mohamad Hans Johan Patrik Sandin (appointed on
Bank Berhad Philippe Pol Arthur Latour
Dato’ Johan bin Ariffin 1 August 2019)
Maysec Sdn. Bhd. Dato’ Mohamed Rafique Merican bin Leslie Foo Chek Shen (resigned on 1 February 2019)
PhileoAllied Securities Dato’ John Chong Eng Chuan (resigned on
Mohd Wahiduddin Merican
(Philippines) Inc.* Koh Heng Kong 31 July 2019)
Dr. Abdul Rahim bin Abdul Rahman (resigned on Hamidah binti Moris (resigned on 31 July 2019)
BinaFikir Sdn. Bhd.
23 September 2019) Maybank Kim Eng Bedi Harmeet Singh
Securities Pte. Ltd. Jeffrey Goh Cho Kiat
Datuk Mohd Najib bin Abdullah (appointed on
29 March 2019) PT Maybank Kim Eng I Nyoman Tjager
Securities Deswandhy Agusman
Loh Lee Soon (appointed on 29 March 2019) Dato’ Abdul Hamid bin Sheikh Mohamed (appointed on
Kirupalani Chelliah (appointed on 29 March 2019)
Kamaludin bin Ahmad (appointed on 9 April 2019)
Fad’l bin Mohamed (resigned on 9 April 2019)
29 March 2019)
Maybank Kim Eng Montree Sornpaisarn
Dato’ Johan bin Ariffin (appointed on 1 July 2019)
Koh Heng Kong (appointed on 1 July 2019) Securities (Thailand) Sopawadee Lertmanaschai
Wong Pakshong Kat Jeong Colin Stewart
Public Company Limited Hans Johan Patrik Sandin
(appointed on 1 July 2019)
Lee Hin Sze (appointed on 1 July 2019) Dr. Areepong Bhoocha-oom

Datuk Mohaiyani binti Shamsudin Hamidah binti Moris
Hans Johan Patrik Sandin
Goh Ching Yin Henry Koh Swee Ong (appointed on 15 October 2019)
Dato’ Muzaffar bin Hisham
Dato’ Abdul Hamid bin Sheikh Mohamed Yuth Vorachattarn (resigned on 7 August 2019)
Dato’ Sri Sharifah Sofianny binti Syed Hussain
Che Zakiah binti Che Din Maybank Kim Eng Leonard White
Securities (London) Mohamad Yasin bin Abdullah (appointed on
Mohamad Yasin bin Abdullah Limited
Malique Firdauz bin Ahmad Sidique 9 December 2019)
Patrick Chung Ho Han (resigned on 12 April 2019)
Mohamad Yasin bin Abdullah Alexander Panasko (resigned on 9 December 2019)
Hamidah binti Moris James Johnstone (resigned on 9 December 2019)
Luis Manuel L. Gatmaitan
Graciella Marie D. Baldoz-Paz Maybank Kim Eng Jean Louis Lee
Ma. Alicia Picazo-San Juan Securities USA Inc. Mohamad Yasin bin Abdullah (appointed on

Mohamad Yasin bin Abdullah (appointed on 27 September 2019)
1 January 2019) Shahida binti Mohd Jaffar Sadiq Maricar (appointed on

Malique Firdauz bin Ahmad Sidique (appointed on 27 September 2019)
1 January 2019) Alexander Panasko (resigned on 27 September 2019)
Joe Borusso (resigned on 27 September 2019)
Zain Azhari bin Zainul Bador (resigned on
2 January 2019) Kim Eng Securities India Jigar Shah
Private Limited Bedi Harmeet Singh
Fad’l bin Mohamed (resigned on 2 January 2019) Alexander Panasko

Ong Asia Securities Mohamad Yasin bin Abdullah
(HK) Limited Lim Eng Ping
Malique Firdauz bin Ahmad Sidique (appointed on

27 November 2019)

Maybank Kim Eng Ong Seng Yeow
Research Pte. Ltd. Sadiq Currimbhoy

270

Notes to the Financial Statements

31 December 2019

68. DIRECTORS OF SUBSIDIARIES OF THE GROUP (CONT’D.)

The following is the list of directors who served on the Boards of the subsidiaries of the Group since the beginning of the current financial year to the date of the directors’
report (cont’d.):

Name of Company Name of Directors Name of Company Name of Directors

Kim Eng Securities Gregory Seow Poon Garn Maybank Offshore Khalijah binti Ismail
(Hong Kong) Limited Lim Eng Ping Corporate Services Ronnie Royston Fernandiz
Hans Johan Patrik Sandin (appointed on (Labuan) Sdn. Bhd.

10 December 2019) Maybank Trustee Berhad Cheng Kee Check
Hamidah binti Moris (appointed on Ong Sau Yin
Datuk Jattry Abie @ Jeffry bin Mohd Ali
10 December 2019) Fauziah binti Hisham (appointed on 22 July 2019)
Malique Firdauz bin Ahmad Sidique (appointed on Dato’ Dr. Tan Tat Wai (retired on 18 April 2019)

10 December 2019) Maybank Private Equity Goh Ching Yin
Mitchell Kim Min Ki (resigned on 24 January 2019) Sdn. Bhd. Fad’l bin Mohamed
Dato’ John Chong Eng Chuan (resigned on Norlia binti Mat Yusof

11 December 2019) Maybank Asset Dr. Hasnita binti Dato’ Hashim
Alexander Panasko (resigned on 11 December 2019)
Oh-Lau Chong Jin (resigned on 11 December 2019)
Caroline Teoh Meow Choo (resigned on

11 December 2019)

Kim Eng Futures Jeffrey Goh Cho Kiat Management Sdn. Bhd. Goh Ching Yin

(Hong Kong) Limited Lim Eng Ping Badrul Hisyam bin Abu Bakar

Ahmad Najib bin Nazlan

Maybank ATR Kim Eng Ma. Victoria C. Viñas Philmay Property, Inc. Ong Seet-Joon
Capital Partners, Inc. Choong Wai Hong Atty. Llewellyn L. Llanillo
Alexander Ludwig L. Dauz Ng Yok Chin
Dato’ Sri Sharifah Sofianny binti Syed Hussain
Maybank (Nominees) Mohamad Yasin bin Abdullah
(appointed on 28 February 2019) Sdn. Bhd. Ronnie Royston Fernandiz
Rajiv Vijendran (appointed on 14 November 2019)
David L. Balangue (resigned on 28 February 2019) Maybank Nominees Mohamad Yasin bin Abdullah
Udaishankar a/l Raman (resigned on 28 February 2019)
Maria Lourdes Kristen S. Quintos (resigned on (Tempatan) Sdn. Bhd. Ronnie Royston Fernandiz

15 July 2019) Maybank Nominees Mohamad Yasin bin Abdullah
Ekhwan bin Jani (resigned on 14 November 2019) (Asing) Sdn. Bhd. Ronnie Royston Fernandiz

Maybank ATR Kim Eng Jeffrey Goh Cho Kiat Maybank Nominees Allen Ng Kian Guan
Securities, Inc. Alexander Ludwig L. Dauz (Singapore) Private Alan Lau Chee Keong
Rajiv Vijendran (appointed on 21 November 2019) Limited Lim Choon Meng
Ekhwan bin Jani (resigned on 21 November 2019)

Maybank Kim Eng Ronnie Royston Fernandiz Maybank Nominees Felino James Marcelo (appointed on 3 February 2020)
Securities Limited Alexander Panasko
Jeffrey Goh Cho Kiat (Hong Kong) Limited Seow Poon Garn (resigned on 3 February 2020)
Mohamad Yasin bin Abdullah
Che Zakiah binti Che Din (appointed on Maybank Securities Malique Firdauz bin Ahmad Sidique
Nominees (Tempatan) Ezrina binti Mahadzir (appointed on 4 November 2019)
22 February 2019) Sdn. Bhd. Mohamad Yasin bin Abdullah (resigned on

4 November 2019)

Maybank Asset Dr. Hasnita binti Dato’ Hashim Maybank Securities Malique Firdauz bin Ahmad Sidique
Management Group Dato’ Muzaffar bin Hisham
Berhad Loh Lee Soon Nominees (Asing) Sdn. Ezrina binti Mahadzir (appointed on 4 November 2019)
Goh Ching Yin
Mohd Irwan bin Ahmad Mustafa @ Mustafa Bhd. Mohamad Yasin bin Abdullah (resigned on
Dato’ Idris bin Kechot (appointed on 24 October 2019)
5 November 2019)

Maybank Allied Berhad Wan Marzimin bin Wan Muhammad
Khalijah binti Ismail (appointed on 30 January 2019)
Maybank (Indonesia) Loy Teck Wooi Leong Chin Seng (resigned on 31 January 2019)
Berhad Wan Marzimin bin Wan Muhammad

Cekap Mentari Berhad Khalijah binti Ismail Dourado Tora Holdings Lee Yih Hwan
Lee Yih Hwan
Sdn. Bhd. Khalijah binti Ismail

Maybank International Khalijah binti Ismail Aurea Lakra Holdings Lee Yih Hwan
Trust (Labuan) Berhad Lee Yih Hwan Sdn. Bhd. Choong Yoke Choo

271

Maybank OUR PERFORMANCE PG. 07-272
THE FINANCIALS
Annual Report 2019

Notes to the Financial Statements

31 December 2019

68. DIRECTORS OF SUBSIDIARIES OF THE GROUP (CONT’D.)

The following is the list of directors who served on the Boards of the subsidiaries of the Group since the beginning of the current financial year to the date of the directors’
report (cont’d.):

Name of Company Name of Directors Name of Company Name of Directors

KBB Nominees (Tempatan)Yeoh Cheang Teik Maybank Kim Eng Jean Louis Lee
Properties USA Inc. Mohamad Yasin bin Abdullah (appointed on
Sdn. Bhd. Abdullah bin Taib
27 September 2019)
KBB Properties Yeoh Cheang Teik Shahida binti Mohd Jaffar Sadiq Maricar (appointed on
Sdn. Bhd. Mohd Noor bin Bahari
Abdullah bin Taib 27 September 2019)
Alexander Panasko (resigned on 27 September 2019)
Etiqa Overseas Ahmad Shaifuldin bin Mahamad Sharudi Joe Borusso (resigned on 27 September 2019)
Investment Pte. Ltd.
PT Prosperindo Lee Tien Poh
Narita Naziree binti Ahmad Naziree
Double Care Sdn. Bhd.* Dato’ Aminuddin bin Md Desa Surin Segar a/l Gnanasegaram
Hans De Cuyper

Sorak Financial Holdings Lim Choon Meng Maybank Shared Surin Segar a/l Gnanasegaram
Services Sdn. Bhd. Loy Teck Wooi
Pte. Ltd. Khalijah binti Ismail Mohd Suhail Amar Suresh bin Abdullah

Maybank KE Strategic Jeffrey Goh Cho Kiat (appointed on 24 July 2019) PT Maybank Asset Drs. M Noor Rachman
Pte. Ltd. Malique Firdauz bin Ahmad Sidique (appointed on Management Badrul Hisyam bin Abu Bakar
Mohamad Yasin bin Abdullah (appointed on
7 November 2019)
Chuah Lai Hock (resigned on 25 July 2019) 13 August 2019)
Ng Mui Hong (resigned on 8 November 2019) Sharifah Sarah binti Syed Mohamed Tahir (resigned on

Maybank Kim Eng Mohamad Yasin bin Abdullah 13 August 2019)
Properties Pte. Ltd. Jeffrey Goh Cho Kiat
Maybank Islamic Asset Dr. Hasnita binti Dato’ Hashim
Strategic Acquisitions Tan Boon Guan Management Sdn. Bhd. Badrul Hisyam bin Abu Bakar
Pte. Ltd. Badrul Hisyam bin Abu Bakar Dato’ Mohamed Rafique Merican bin Mohd
Loke Eng Hong (appointed on 3 June 2019)
Goh Keat Jin (appointed on 3 June 2019) Wahiduddin Merican
Dato’ Noorizah binti Haji Abd Hamid (appointed on
Kim Eng Investment Lim Eng Ping
Limited Malique Firdauz bin Ahmad Sidique (appointed on 1 June 2019)
Ahmed Muzni bin Mohamed (appointed on
27 November 2019)
Ng Mui Hong (appointed on 24 July 2019 and resigned 1 June 2019)
Nadjihah binti Mohd Dzaiddin (resigned on
on 27 November 2019)
Yan Sek Weng (resigned on 24 January 2019) 9 July 2019)
Chuah Lai Hock (resigned on 24 July 2019) Nor Shahrizan bin Sulaiman (alternate Director to

Dato’ Mohamed Rafique Merican bin Mohd
Wahiduddin Merican) (resigned on 18 February 2019)

KE Sovereign Limited Alexander Panasko MAM DP Ltd. Badrul Hisyam bin Abu Bakar
Jeffrey Goh Cho Kiat (appointed on 30 October 2019)
MBB Labs Private Limited Meenakshy Ramaswamy Iyer
FXDS Learning Group Jeffrey Goh Cho Kiat Mohd Suhail Amar Suresh bin Abdullah
Pte. Ltd. * Bedi Harmeet Singh (appointed on Datuk Normala binti A. Manaf

23 September 2019) Amanah Mutual Berhad Badrul Hisyam bin Abu Bakar
Winston Ng Yu-Tang (resigned on 6 September 2019) Ahmad Najib bin Nazlan (appointed on

Maybank Kim Eng Jefrrey Goh Cho Kiat 23 September 2019)
Securities Nominees Henry Koh Swee Hang Dato’ Noorizah binti Haji Abd Hamid (resigned on
Pte. Ltd.
30 September 2019)
Maybank Asset Loh Lee Soon Norlin binti Abdul Samad (resigned on

30 September 2019)

Management Singapore Bedi Harmeet Singh Singapore Unit Trusts Lee Han Eng Alvin
Limited Goh Keat Jin
Pte. Ltd. Goh Keat Jin

Kim Eng Nominees (Hong Lim Eng Ping * Under members’ voluntary liquidation

Kong) Limited Teo Kim Guan (appointed on 24 July 2019)

Chris Chan (resigned on 24 July 2019)

272



www.maybank.com

This annual report is printed on environmentally friendly paper.