Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2013/6/15/business/13243264&sec=business Published: Jun 16, 2013
Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/rup144/Article/
Published: Jun 16, 2013
Zeti: ‘These industries are experiencing solid growth and, as a result, Labuan has benefited.’Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the growth would be underpinned by businesses including leasing activities, foundations, insurance and Islamic finance.
She said the growth would be seen in all segments in the Labuan International Business and Financial Centre (Labuan IBFC).
“Many of these activities evolve because of the investment activities going on in the Asian region including in infrastructure, aviation as well as oil and gas (O&G). These industries are experiencing solid growth and, as a result, Labuan has benefited from this,” Zeti told a media conference on the Labuan FSA Annual Report 2012.
The Labuan IBFC houses 59 banks, 203 insurance and insurance-related companies, 257 leasing companies and 37 trust companies.
In 2012, Labuan foundations increased by 62.5% to 65 foundations from 40 the year before.
During the year, registration of companies in IBFC also recorded a growth of 8.9% or 779 companies, bringing the total number of companies to 9,487 as of December 2012.
Up to May 31, 2013, the number had increased to 9,811, in tandem with the favourable economic growth in Asia, with more than 50% of the Labuan companies originating from this region.
“Labuan, which is strategically located in the centre of Asia, is well-positioned to serve as a gateway for advancing investment activities in the region.
“In 2012, companies that were incorporated in Labuan could now seek listing on the Hong Kong Stock Exchange to tap the growing opportunity in Asia,” said Zeti.
The ratio of gross non-performing loans of Labuan banks improved to 1.3% in 2012 from 1.5% in the previous year.
The industry's average risk-weighted capital ratio and core capital ratio stood at 20.6% and 20.5%, respectively.
Overall, the banking sector's asset base grew to US$42.1bil (RM131.21bil) from US$38.3bil (RM119.36bil) in 2011.
Correspondingly, loan and advances continued to expand during the year, with non-residents nominated the majority of 60.6% of the total loan outstanding.
The Labuan banking sector also posted an increase of 41.2% in its pre-tax profit for 2012.
The total assets for Labuan insurance entities jumped 16% to US$4.2bil and total gross premium grew to US$1.7bil, with non-resident business constituting a higher share of 53.9%.
In 2012, two large reinsurance companies relocated their branches to Labuan IBFC from Europe to focus their businesses on the Asia and Oceania region.
Labuan's leasing business saw 41 new leasing companies being approved.
The continued rising demand for leasing facilities, particularly in the O&G and aviation sectors, had contributed to the expansion in the sector's cumulative asset leased valued at US$32.4bil from US$27.6bil previously. Bernama
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