PETALING JAYA - Malaysia Building Society Bhd (MBSB) targets its total sales coming from retail financing to grow to RM8 billion this year, with the launch of its new personal financing products.

Chief executive officer Datuk Ahmad Zaini Othman said: "It is achievable as we will have more interesting products that we will introduce later this year.

"Furthermore, last year's total sales for personal financing products was RM6.6 billion and it surpassed our initial target of RM6.5 billion."

Speaking to reporters after the launch of the company's latest financing products, he said retail financing contributed about 75 per cent of the total portfolio of MBSB currently while the remaining contributed by corporate and wholesale. 

He said the retail contribution would increase to 80 per cent with the introduction of the hire purchase financing in February. 

Alongside with the increase in sales from retail financing, retail assets also grew in leaps from RM300 million as at end of 2009, to RM8 billion as at end of last year. - Bernama

-- Business Times