Monday, May 07, 2007

Non-bumiputras should boycott Maybank

According to NST...

KUALA LUMPUR: Maybank Bhd, one of the two banks which had introduced a regulation requiring Bumiputera legal firms’ involvement before any business may be conducted with it, will review its decision.

Maybank, stating that it has always adopted a flexible approach, explained that it did not intend to call on existing solicitors to restructure their equity ownership.

It was reported that the new regulations would require law firms to have a minimum of three partners, of whom one must be Bumiputera with a minimum 50 per cent stake in the firm.

The letter was sent to all legal firms last month.
How blatant can this racist shit get?

When Maybank solicits your business and takes your money, everybody's abang-adik. But when you want their business, you get all this racist rubbish. I know it's nothing new and Maybank's a GLC, but shit like this still riles me up.

I reckon all non-bumi account customers of Maybank should simply STOP doing business with Maybank until Maybank can change it's shareholding, managers and board of directors to at least 50% non-bumiputra. Quit pro quo. Let's boycott the bastards.

Update 10 May 2007 - coverage in today's Today newspaper.


Anonymous said...

Still waiting for the name of the 2nd, equally racist bank to be announced... maybe these 2 should either force all non-bumi customers to close their accounts, or enforce the 50% rule to their own customer base?

If I have an account or credit card with Maybank, I'll close/cancel it and make sure they know the reason is due to this 50% bumi nonsense.

seantang said...

I think the 2nd bank is Bumiputra Commerce. Well, I guess the name says it all.

Well, I'm glad at least MCA and DAP are taking this up by actually organising a boycott type action.

Hopefully, they follow through on the threat.

seantang said...

Maybank blinks first!!

Maybank Revises Guidelines On Bumi Partner for Legal Firms

KUALA LUMPUR, May 9 (Bernama) -- Malayan Banking Bhd, Wednesday said it will continue to select solicitor firms based primarily on performance, efficiency and merit, revising earlier guidelines requiring legal firms to have Bumiputera equity if they wanted to do business with the bank.

The bank had said in a May 4 statement that legal firms wanting to do business with it have to have at least three partners, one of whom must be a Bumiputera partner with a 50 percent stake.

In a statement here Wednesday, the bank said the guidelines have been revised upon review of the issues and concerns raised by various parties.

"Moving forward and with immediate effect, all solicitor firms, whether with Bumiputera or non-Bumiputera equity ownership, are eligible for consideration."

"All other revised criteria for emplacement of solicitor firms pursuant to our annual review remain unchanged," Maybank, the largest bank in the country, said.

Meanwhile, in a separate statement, the Ambank Group said it has been practising a policy of appointing legal firms that do not have Bumiputera partners for the past 20 years.

The group said it does not impose restrictions of quota of shares on the equity participation of Bumiputera partners.

It issued the statement Wednesday amid an outcry over the ruling imposed by Maybank by legal firms, chambers of commerce and some political parties, which said jobs should be given to legal firms based on merit and not on such racial quotas.

Ambank said the group has always encouraged legal firms to have Bumiputera partners to encourage Bumiputera participation in the financial services industry in respect of specialised services.

Responding to the issue earlier, Deputy Prime Minister Datuk Seri Mohd Najib Tun Razak said in Boston on Tuesday that people must not misinterpret the government's policy of encouraging government-linked companies to give business to both Bumiputera and non-Bumiputera companies.

"There should not be any hard and fast rule but there should be efforts to help both," he said.


the one used to be in SG and now complaining about KL & u know whom said...

hey friend,
update me once they come back and implement with the stupid new idea, then i will go close all my accounts with the bank, and any other bank!
i will be the first if possible to support the boycott!!

Anonymous said...

Yes, Maybank blinked but this may be just a cosmetic measure to calm the situation. Just because they say they are withdrawing the ruling doesn't mean everyone will be treated the same. Makes you wonder what other "unwritten" racist policy Maybank has in place.

I am certainly closing my account with Maybank and I strongly ask my friends to consider it too. Maybank, are you listening, why should I, a discriminated person in your eyes, (although I am a second generation Malaysian as my father was born here too) contribute to your profit?