Vortex Consolidated Berhad (“Vortex”) is planning to diversify into the financial institution and services business (“FI”) through incorporation of new subsidiaries with a team of industry professionals on board.
There are already plans to grow this new division into a full-fledged FI outfit with regional presence with involvement in the areas of Asset Management, Investment Banking and Offshore Banking.
Vortex today announced that it has secured the active participation of Mr. Michael Lim, age 51 who has more than 24 years of banking experience in consumer banking, corporate banking, investment banking and client coverage across the region who was appointed as an Executive Director in the Group. He has also triggered substantial shareholding in the Vortex Group.
“With Malaysia being a significant player in the Asian regional financial integration both in terms of the increased presence of Malaysia’s intermediaries in the region and Malaysia’s participation in regional financial markets, it is envisaged that the Malaysian financial system will grow at an annual rate of 8 to 11 percent. At the same time, the contribution of the financial sector to nominal GDP is expected to grow to between 10 and 12 percent by 2020.
As the financial industry continues to grow, we believe that we will be able to provide financial related services to cater to the different needs and demands in the targeted sectors especially foreign investors who are keen to capitalise in the country,” commented Michael.
“To help grow and build this new set up, I will also be introducing people with vast experience in banking and regulatory industry to the Group with a vision to turn this business into a full-fledged financial institution providing services ranging from commercial money lending, asset and fund management and Labuan Offshore investment banking,” he continued.
In welcoming Michael, Executive Chairman Mr. Tan Ooi Jin adds, “We are looking at an aggressive expansion and growth strategy for the Group. With our other divisions stable, this affords us a strong foundation and platform to grow and explore new areas which can add value to our Group. We are entering into exciting times as Michael and his team will be able to bring lots of value, experience and networking to us and we wish to tap this resource for the benefit of the Group and ultimately, our shareholders. We believe the FI industry in Malaysia is one of the most stable areas with much room for growth and participation and Michael shares this view.”
The Group also welcomes another Executive Director who has over 30 years of banking experience (both local and foreign) specialising in credit, risk management to assist and spearhead this new division in the areas of processes, risk management and credit control. This will ensure the new division takes off on the right footing and build a strong branding and following.
The new business is expected to contribute significantly to the Group’s overall performance in the next few years. For its third financial quarter ended 31 December 2018, Vortex recorded a total revenue of RM124 million.