September 19, 2011
MALAYSIA'S rapidly growing AmBank Group, almost 24 per cent owned by ANZ, plans to exploit the global connections of its major investor for its next phase of growth.
ANZ has invested almost $900 million in the mid-tier Malaysian bank, its single largest investment in Asia.
It was one of the top three issuers of Islam Shariah bonds, and also operated a 20bn ringgit Islamic fund. Islamic banking, albeit from a low base, had grown four times faster than conventional banking.
AmBank was well positioned to provide a bridge for ANZ into the fast-growing Islamic banking world, Mr Ramamurthy said.
More on ANZ's spiritual fornication at "The Australian"
"No one can serve two masters, for either he will hate the one and love the other; or else he will be devoted to one and despise the other. You can't serve both God and Mammon." (Matthew 6:24)