KUALA LUMPUR, July 8 — Maybank today said it never sold any of Lehman Brothers’ structured products in Malaysia.
“I think the structured products... most banks sold it but we did not sell any Lehman products in Malaysia,” Maybank’s chief executive officer Datuk Seri Abdul Wahid Omar said.
A report today stated that the Singapore Central Bank fined 10 banks, including Maybank Singapore, that sold structured products and bonds linked with Lehman Brothers.
“This is actually an industry issue in Singapore. The Association of Banks in Singapore had already issued the press statement yesterday to describe the issue and measures taken by banks involved,” he told a press conference here.
A New York based global financial services firm, Lehman Brothers’ parent company, Lehman Brothers Holdings Inc, declared bankruptcy in 2008.
Wahid said member banks of the association have agreed to follow the measures which cover a range of governance and assurance processes, training and compensation of sales personnel, consumer education and enhancements to the sales process itself.
The level of proactiveness displayed by Maybank Singapore resulted in the bank receiving the lowest or shortest fine, he added. — Bernama
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