AmBank to boost lending to SMEs

KUALA LUMPUR: The AmBank Group aims to increase its SME lending in partnership with Credit Guarantee Corp Malaysia Bhd (CGC) to over RM1 billion by next year as part of its strategy to focus on SMEs.

Yesterday the group signed a portfolio guarantee (PG) agreement with CGC to offer a second tranche of RM300 million in financing to SMEs via AmBank Islamic.

The PG scheme launched in January 2015 started out with a sum of RM300 million which was allocated and fully subscribed by September 2015.

AmBank Group managing director of wholesale banking Pushpa Rajadurai said the second tranche, like the first RM300 million, will be accessible to mid to larger SMEs for working capital financing, however a RM150 million financing package under the scheme for small SMEs is in the pipeline.

“We would want to do more and we would like to take it (SME lending) to over RM1 billion. We will work on more packages with CGC dedicated to SMEs,” she told a press conference after the portfolio guarantee signing ceremony here yesterday.

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