KUALA LUMPUR – Danajamin Nasional Berhad, the country’s Financial Guarantee Insurer, announced today the appointment of Cheah Tek Kuang as an independent non-executive director to the Company’s Board of Directors for a term of 3 years, starting 20 May 2013.
A notable and respectable figure in the banking industry, Cheah was the former Group Managing Director of AMMB Holdings Berhad until his retirement in 2012.
“We are very pleased to welcome Mr Cheah Tek Kuang to Danajamin’s board,” said Ahmad Zulqarnain Onn, Chief Executive Officer of Danajamin. “With over 30 years of experience in the banking industry, Mr Cheah is an invaluable addition to Danajamin’s esteemed line up of Board of Directors. We look forward to benefitting from his wealth of knowledge and expertise which will help strengthen Danajamin’s position as the nation’s financial guarantee insurer.”
Cheah continues to be active in the banking industry and currently serves as Deputy Chairman and non- executive director of AmBank (M) Bhd and AmInvestment Bank Bhd. He is also a board member of Cagamas Holdings Bhd, IOI Corp Bhd as well as Chairman of Berjaya Sports Toto Bhd.
Cheah holds a Bachelor of Economics (Honours) degree from the University of Malaya and is a Fellow of the Institute of Bankers Malaysia.
Danajamin, the country’s first and only Financial Guarantee Insurer, was established by the Government to be a catalyst to stimulate and further develop the domestic bond and sukuk market. Danajamin’s objective is to provide financial guarantee, a credit enhancement, to bond/sukuk issuances to help viable companies raise long-term fixed rate financing from the bond/sukuk market. The bond/sukuk market is an important alternative source of financing, as it complements the banking sector. Its continuous development is critical in ensuring that Malaysian companies have several funding sources to finance their business expansion and investments.
A AAA-rated company, Danajamin is jointly owned by Minister of Finance Incorporated (50%) and Credit Guarantee Corporation Malaysia Berhad (50%). It has a paid-up capital of RM1 billion with another RM1 billion callable capital. Danajamin is licensed under the Insurance Act 1996, and is regulated and supervised by Bank Negara Malaysia.
For more information about Danajamin, its services as well as its leadership, kindly visit our website www.danajamin.com