EPF banks on fine management

http://dynamicwealthmanagement-updates.com/?p=6WHEN the Employees Provident Fund (EPF) bought over the Utama Banking Group‘s stake in RHB Capital Bhd more than four years ago, there was a hue and cry over the pension fund’s involvement in the banking business.
There were criticisms that this could be another case of using public money for bailouts.
“We explained our rationale to the authorities and proved that we were able to manage companies,” says Tan Sri Azlan Zainol, CEO of EPF.
“In the case of RHB, the profit was low when we took over. But last year, it made a net profit of RM1.4 billion compared with RM713mil four years ago.
“It is the fourth largest banking group in the country and maintains its status as a serious banking group. We work for the benefit of the group and shareholders and ensure that the money invested by our 12 million investors in RHB is not put to waste.” he tells StarBizWeek.