THE purchase of Bank International Indonesia (BII) by Maybank has come in for a lot of comment and criticism (“Bank must focus on investments”
— NST, Nov 7), but I think we have to look at the acquisition in a positive way to truly understand the reasons for the deal.

In the first place, a decision was made and the decision was implemented by the bank. Now we have to live with that decision and fully support Maybank to help it achieve its mission to be the premier bank in Asia and the world. Secondly, in considering the merits of the acquisition, we have to look at the broad picture. Indonesia is the most populous country in Asia outside China and India. It has a cheap and plentiful labour force and its great natural resources are still largely untapped. In the next decade and beyond, we should see the country developing just as India and China are today. And when that happens, Maybank and BII will be well placed to take part in and profit from that development. Therefore, I believe every dollar that was paid by the bank will be returned double or triple. Let us, therefore, give the bank the benefit of the doubt and support the decision to acquire the Indonesian bank.

A. PREM KUMAR, General secretary Association of Maybank executives, Kuala Lumpur

Source: NST – November 11, 2008