Alliance to open four northern branches

By V. CHANDRASEKARAN

PENANG: Alliance Bank (M) Bhd is capitalising on the country’s buoyant economy to open up four new branches in the northern region, soon including one in Penang.

Three branches would be opened in 12 months.

Group chief executive officer and director Datuk Bridget Lai said each branch would cost about RM2mil to set up and require more than 20 staff.

She said the investment climate in the country was conducive for banks to grow and Alliance was taking advantage of the positive market trends.

Foreign investors were reacting positively to the country’s economic growth, she said after opening the bank's new flagship branch here yesterday.

Bridget Lai launching the flagship branch in Penang

“Our country is on the right track and we have a very big base of commercial customers and entrepreneurs, especially in the northern region.

“Our experience shows we have huge opportunities to expand,” she said.

She said the bank’s focus would be on small and medium entrepreneurs.

On the new flagship branch, she said the bank had spent about RM3.5mil to refurbish and set up.

The branch, which was the bank's hub for the northern region, would house the first Alliance Bank Privilege Banking Centre and Business Centre in Penang, she said.

“This signals the state’s growing importance as a business and high network centre for the bank,” she said.

“Penang is one of the most established industrialised states in Malaysia with thriving small and medium entrepreneurs and Alliance Bank will contribute to the island’s continued growth,” she said.

The flagship branch offers facilities like a 24-hour e-Banking lobby and a customer sales and service lobby.

Alliance Bank, a wholly owned subsidiary of Malaysian Plantations Bhd, has seven branches in the northern region, including four in Penang.