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AmBank: Bringing a stakeholder approach to banking

@ Gurinayat Brar

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twimbit Purpose Index

Purpose Score – * Poor ** Satisfactory *** Good **** Excellent ***** Outstanding
Source: Refer to the methodology in Appendix A below

AmBank (Group financials) – An overview as of 31st March 2020

Bank name   AMMB Holdings Berhad
Headquarters   Kuala Lumpur, Malaysia
Operating income (31st March 2020) USD 2.3 billion
Profit before tax (net profit as of 31st March 2020) USD 441 million
Total Assets   USD 41.8 billion
Employees  10,842+
Country of operation   Malaysia
Number of branches  170
Information and communication technology (ICT) spend (31st March 2020) Not available
Bank ranking in the particular country   6
Number of customers  3 million
Market capitalisation  (31st March 2020) USD 2.25 billion
Operating revenue CAGR growth (2016-2020) 2.07%
Note: Malaysia’s accounting period follows a cycle from April- March. The above financials are as per the accounting year 1st April- 31st March 2020.
The RM to USD conversion rate used is 0.25.

Shareholder value (31st March 2020)

Return on Equity (31st March 2020) 7.4%
Total Shareholder Return (1-Year) 32.10%
Net Income Ratio 19.12%
Common Equity Tier 1 Ratio 12.4%
Price Earnings Ratio (31st March 2020) 7.11%

Awards

2020 Best Retail Mobile Banking Experience by The Asset Triple A Awards

Best Wealth Management Experience by The Asset Triple A Awards

AmBank and its strategic focus areas 

  • Business strategy

As AmBank completed its 4-year transformation journey in 2020, it has now formulated the top 8 strategic objectives for the upcoming four years (FY2021- FY2024), which are:

  1. Rethinking strategies and priorities to chart the path towards attaining a Return on Equity (ROE) of at least 10%.
  2. Increasing focus towards SME and Islamic banking- The bank aims to expand heavily and improve service in the SME sector; it is the backbone of Malaysia’s economy. It will also focus on the Islamic banking space as the demand for socially responsible and ethical investments grow
  3. Pushing revenue that is capital-light through the creation of differentiated products
  4. Delivering wholesome customer value propositions by leveraging on collaborative culture and partnerships established internally and externally
  5. Ramping up the future of digital initiatives through digital and capacity building

AmBank undertook the following initiatives as a part of its 4-year transformation journey:

  1. Firing up growth engines- Focused on fast-growing and underserved segments, such as mass-affluent, affluent, SMEs, and mid-corporates.
  2. Attaining market leadership in key products by:
    1. Building up Transaction Banking and Markets – Cross-Selling its Business
    2. Developing an Integrated Cards and Merchant Ecosystem
    3. Leading the market with an advisory-led wealth proposition
  3. Optimising current engines by strengthening the retail deposit franchise
  4. Stepping up on revenue growth- Total income grew by 7.8% to USD 1056.8 million, with divisions recording higher year-on-year (YoY) revenue
  5. Good balance sheet growth- The bank’s gross loans, financing and deposits from customers expanded by 5.3% and 5.7%, respectively. The performance outperforming the industry’s growth for timeframe.
  6. Continued improvements on operational efficiencies- The bank’s Business Efficiency Transformation (BET) programme delivered a gross cost reduction of USD 25.75 million during the year. Over the last three years, it delivered a total gross cost savings of USD 95 million cumulatively, above its target of USD 75 million.
  7. Sound capital and liquidity metrics- The bank’s Common Equity Tier 1 (CET1) ratio and total capital ratio enhanced to 12.4% and 15.8%, respectively. It remains highly liquid, with a liquidity coverage ratio (LCR) of 158.2% and a net stable funding ratio (NSFR) above 100% for all its banking subsidiaries as of 31 March 2020.
  • Customer experience
  1. Adopting a ‘customer-first approach’ by creating a seamless customer experience that transcends beyond the customer’s financial needs. Ambank aims to do so by building digital connections across cross-country partners.
  2. AmBank aims to provide clients and customers access to online services 24/7. Steps include establishing more contact centres and introducing a branch one-stop call centre to assist with urgent and escalated cases.
  3. The bank’s vision moving forward is to also integrate its offerings with strategic partnerships across other industries. This move will establish a single platform where customers can access their everyday needs from a single touchpoint.

Initiatives taken by AmBank in 2020 to strengthen its customer experience:

  1. Customer engagement
    1. Customer satisfaction survey- The bank conducted a Dipstick Survey on mass and mass affluent customers to determine the impact of its customer experience initiatives on retail banking customers and competitors
    2. Pain point workshop- Ambank organised 67 workshops with its employees in 2020 to receive feedback on the challenges in processes, procedures or systems that could hinder customer experience
  2. Customer service frontlines
    1. Service excellence training – Introduced programs such as ‘Building Service Excellence through Stakeholder Engagement Training for Contact Centres’ and ‘Service Leadership Training for Branches’
    2. CX Mystery Shopping- Implemented undercover observational programs to measure the quality of customer service at a branch
    3. Customer Experience Unity Tour (CXT) – Conducted a unity tour for customer service staff to reinstate the importance of quality service at all interaction levels
  3. Innovative and seamless customer touchpoints
    1. Digital and Online Solutions- Enhanced AmOnline features to make the online and mobile banking platform more user-friendly and to ease customer transactions
    2. Contact centres- Built a 24-hour contact centre for eliminating waiting time and improving customer resolution
    3. Self-service machines- Replaced ATMs and Cash Deposit Machines (CDMs) with Cash Recycler Machines (CRMs)
  • Employee experience

AmBank aims to nurture its employees’ knowledge, skills, attitude, and innovation capabilities to remain competitive in the long term. This move will also help the bank sustain and grow its business through financial expertise and knowledge-based intangible assets.

  1. Growing trust-The bank aims to create a self-empowered and digitally-enabled workforce. This conducive work culture helps to continuously increase cross-collaboration between all Line of Business (LOBs) and cross-leverages strengths to improve customer experience.
  2. Connecting People– AmBank emphasises the need to remain in sync consistently across various departments and personnel. In doing so, communication can flow accurately and speedily, enabled by the bank’s capabilities that accelerate and elevate touchpoint responses.
  3. Digital capacity building– Nurturing a strong pool of in-house digital talent with expertise across analytics, artificial intelligence (AI), and automation.

Initiatives taken by AmBank in 2020 to provide an improved employee experience:

  1. Learning and development programs: In an effort to develop future leaders and a resilient workforce, AmBank upskilled over 60 young talents through the AmGraduate Programme since its inception in 2016. The bank also trained over 220 AmBankers of different levels through its accelerated development programmes. Designed in partnership with reputable institutions (e.g. INSEAD), key programmes include:
    1. Being a Talented Manager (BATMAN) for Assistant Managers and Managers;
    2. Emerging Leaders Programme (ELP) for Senior Managers and Vice Presidents; and
    3. Leadership Enhancement and Acceleration Programme (LEAP) for Group Senior Vice Presidents and Executive Vice Presidents.
  2. AmConnected Portal
  3. eHR Emails, AmBerita Newsletters and Direct Employee Electronic Feedback
  4. Department Meetings, Senior Management Quarterly Engagements, Team Huddles, Senior Management Offsite and Department Offsite
  • Society and planet impact
  1. Environmentally and socially responsible investment– AmBank aims to maintain stakeholder trust and loyalty through responsible investments.
  2. Community investment & development– The bank is actively engaging with communities to understand their expectations and circumstances, as well as integrating the input obtained into the bank’s decisions.
  3. Energy, water & waste Management– AmBank continuously improves the environmental management of its operations by actively identifying and implementing green initiatives. It is undertaking activities such as energy-efficient infrastructure, responsible disposal of equipment and minimising the single-use of plastic products.

Initiatives taken by AmBank to contribute towards the society and planet:

  1. Contributed USD 0.45 million in community initiatives to help uplift underserved communities and contribute to their socio-economic development.
  2. Implemented measures that support customers through their financial challenges brought about by the pandemic.
  3. Changed the lighting systems in the buildings at Wisma AmFirst, Damansara Fairway 3, and its 17 branches to a more energy-efficient LED lighting system.
  4. Optimised office space through a restacking exercise at Menara AmBank, which resulted in an 11% reduction in carbon emission from electricity consumption.
  5. Agreed to install a solar panel on the rooftop of its Damansara Fairway 3 building to promote the sustainable use of energy resources.
  6. Launched the No Single-Use Plastic Programme in January 2020 to reduce their single-use plastic consumption.
  7. Contributed a total of USD 144,080 into COVID-19 relief efforts, such as channelling funds to MERCY Malaysia and distributing food to frontline healthcare workers.

Digital Strategy

The bank aims to leverage digital and innovative solutions to pivot it towards becoming a more customer-centric, accessible, and competitive bank. Steps include:

  1. Developing digital and data analytics capabilities to extend its reach beyond geographical boundaries.
  2. Pushing the limits of customer expectations, with the annually increasing number of customers reached through digital platforms.
  3. Expanding and enhancing digital touchpoints and offerings for both retail and non-retail customers.
  4. Building cross-industry partnerships to deliver integrated and seamless services to customers.
  5. Assisting SMEs with the migration towards e-commerce as a new norm emerges.

Initiatives taken by AmBank in 2020 to strengthen its digital strategy

  1. Ambank introduced the Wealth feature on AmOnline, a flagship online and mobile banking platform designed to make investments simpler and more accessible to budding investors.
  2. AmAccess Biz and AmAccess Corporate: Provides an easier and faster way for non-retail and corporate segments to manage their day-to-day business banking.
  3. AMY™ Chatbot: A designated virtual financial assistant that provides critical customer support on the AmOnline platform. Since its launch in 2018, the bank has seen significant growth in the number of customers who utilise AMY™ and AmOnline for services such as credit card applications, card activation, PIN resets, and credit limit increase. The chatbot also has smart alerts features that notifies customers of any card-related information.
  4. DuitNow Payment API with Rakuten Trade Sdn Bhd- The first bank in Malaysia to provide business-to-business (B2B) Application Programming Interface (API) services via real-time retail payments (RPP).
  5. Quick apply: The bank offers a self-guided application journey for financial needs, which includes suggesting a card based on the customers’ spending profile. The feature allows applications for credit cards, increasing credit card limits, quick cash, balance transfer, purchasing bank insurance, etc.
  6. AmMoneyLine/-i Debt Consolidation- First bank in Malaysia to offer an online banking solution that helps customers to manage and understand their debt repayments. This feature also allows customers to consolidate their debt into a single and attractive rate or restructure debt over a longer period to manage their monthly cash flow.
  7. eFlex: Allows customers to auto-earn 3-month fixed deposit rates on their average account balance, provided a minimum balance is maintained monthly.
  8. AmAccess Biz platform- The bank launched a new business banking platform that allows businesses to manage their business finances online effectively. This channel offers transaction history, bank transfers and even bulk payments by compiling multiple transactions into a single file.
  9. “SME-in-a-Box”- Helps businesses migrate onto e-commerce platforms and provides SMEs with telco and financing facilities.
  10. The first Malaysian bank to work alongside UnionPay for a credit card collaboration, including U Collection, a global privilege program that brings together hotels, shopping, and specially-curated dining offers for its premium cardholders.

IT Strategy

Ambank took many crucial steps towards adopting digital solutions to serve its customers better. Measures taken include:

  1. Initiating cross-industry convergence and digital empowerment, both internally and externally, with a prime focus on cybersecurity.
  2. Strengthen cybersecurity controls through a cyber-resilient framework to enhance the group’s capabilities to prevent cyber-attacks.
  3. Fostered a data stewardship culture and established a strong focus on corporate governance and the responsible use of data.

The bank’s ICT contracts

  1. Partnered with Maxis to leverage and harness the power of technology and data-driven personalised insights for SMEs
  2. Collaborated with Rakuten Trade (Rakuten) to provide B2B API services via RPP DuitNow. The bank can now facilitate non-face-to-face customer onboarding verification through this service.
  3. Partnered with Shell and Parkson to transform BonusLink loyalty and rewards by expanding into currency and wallet payment solutions.
  4. Partnered with LUNO, the first regulated cryptocurrency exchange in Malaysia, to support its exchange operations.
  5. Collaborated with market leaders such as Microsoft, DiGi, and ABSS to introduce the AmBank BizM.A.T.E programme. Through this programme, the bank has expanded the essential industry offering for SME customers to 18 partners.

9 Growth and Innovation Opportunities

  • #1 Cost to serve
  1. The cost to income ratio for AmBank improved from 54.3% in FY2019 to 49.9% in FY2020. However, despite its decline in value, the bank’s cost to income ratio is significantly higher than the industry average of 45%.
  2. The bank witnessed a 9.37% decline in its profit for financial year FY2020. A large chunk of its drop was due to an increase in impairment loss on financial investments.
  3. The bank can optimise its operational model to increase profitability in the following areas:
    1. Increase focus on non-interest income and complementary revenue streams to offset the impact of high impairment losses.
    2. The implementation of transaction-level transparency through RPA-enabled audit trails for red-flagging any high-cost inflexions.
    3. Undertake strategic bancassurance partnerships to innovate personalised insurances that focus on addressing each customer’s pain points to drive sales and increase the asset turnover ratio.
    4. Although the bank faced a decline in ROE from 15% in 2019 to 7.4% in 2020 due to the pandemic’s impact on the overall macroeconomic banking environment, AmBank can use the increase in idle cash (cash and short-term funds) as an incentive to boost investor morale.
  • #2 Transformation of branch and its branch networks

In 2020, AmBank adopted a new branch model that includes digitally-enabled services which can deliver a seamless customer experience across every business line. The bank’s physical infrastructure includes 170 retail banking branches, 641 ATMs, 210 Cash Recycler Machines, 170 electronic banking centres, 1090 self-service terminals and nine priority centres. AmBank also reduced its property and equipment cost on buildings by 6.24% from 2019 to 2020. However, some banks such as UOB and OCBC, which also operate in the country, have adopted a more aggressive digital branch transformation strategy. Therefore, to remain competitive in such an environment, the bank should incorporate the following methods:

  1. Cash offices and ATMs can make way for Interactive teller machines (ITMs), which can provide the same services without the need for in-person tellers. ITMs can contribute to reducing a branch’s size and consequently lower real estate costs for the bank.
  2. Promote online engagement with the bank’s staff in the form of in-app video conferencing and virtual assistants rather than visiting a branch physically.
  3. Revamping the priority centres into a community hub where individuals can connect with executives and socialise. They will also have access to every banking service and facility. Some of the options are cafes, lounges, and pop-up stores.
  • #3 Customer experience
  1. Customer onboarding– The bank’s wealth management segment collaborated with Rakuten Trade to facilitate non-face-to-face customer onboarding verification, succeeding its traditional customer onboarding method. The bank should undergo a similar partnership to deploy a seamless onboarding process for its retail banking customers. A simplified digital customer authentication and onboarding solution will accelerate customer acquisition for the bank.
  2. Personalised insights: The bank has an award-winning chatbot, AMY™, which is a significant factor behind the growth in the number of customers using the AmOnline service. The bank can further strengthen the capabilities of its virtual assistant to provide budgetary recommendations, as well as lending and investments options to the customer. AmBank should invest in understanding its customer’s behaviour patterns, life journey needs and spending through AI and machine learning tools. The ultimate goal would be to create unique persona-based product packages by:
    1. Giving customers personalised insights into their saving and spending patterns with specific recommendations to help them meet their financial goals
    2. Employing predictive analytics and algorithms to show customers relevant products based on their preferences and saving or investing habits
    3. Gamifying the user interface to make the customer experience more interactive and less monotonous
  3. Omnichannel experience: The bank has a multichannel presence since it provides various touchpoints to consumers, including bank branches, mobile banking, ATMs, and contact centres. There is an opportunity to build an omnichannel experience across all physical and digital touchpoints for a frictionless customer experience. This capability will be a distinct competitive advantage compared to the incumbents operating in the region.
  • #4 Employee experience and productivity
  1. AmBank has taken various initiatives for development programs to upskill employees and prepare them to be future bank leaders. However, to prepare its people for the future of work, AmBank should also conduct technological development training. The focus could zero in on low code programming, design thinking, UI and UX, data analytics, and machine learning. AmBank should also consider digital training for its senior employees.
  2. To nurture a productivity-centric work environment, the bank should create a better work culture. It can move beyond basic rewards and benefits to treating an employee as a customer.
  3. The bank has significant room to improve its training delivery channels by:
    1. Expanding its cloud-connected devices to enable real-time tracking development modules delivery.
    2. Introducing virtual learning using data insights on a learner’s existing knowledge and experience.
    3. Simplifying existing training modules into easily consumable content forms (like podcasts, short videos, etc.) so that employees can learn at their convenience, place and time.
  4. The onset of COVID-19 has given rise to increased mental health concerns. The bank can consider creating a wellbeing hub that offers tools, programs, or services to support employees’ mental, physical, and emotional health.
  5. The bank can improve its existing rewards and benefits offerings and financial support by including:
    1. Comprehensive recognition mechanisms for the equitable distribution of rewards, benefits and promotions
    2. Financial support for single parents
    3. Financial support for parents of children with special needs
    4. Employee volunteering program sponsorships
  • #5 Migration of the workload to the cloud

AmBank is currently hosting most of its operations in-house in an on-premises environment. Most of the bank’s regional competitors are already adopting hybrid cloud technology to save data management costs and improve overall operational efficiency. Therefore, the bank should not only effectively work towards adopting private cloud but also build a long-term strategy for building a hybrid cloud model. A significant part of the bank’s workload would be on the public cloud:

  1. Provide complete end-to-end protection of all confidential data stored in the cloud. This move enables the bank to maintain its customers’ trust and confidence in obtaining, analysing, and sharing their personal information.
  2. Incorporate backup and redundancy capabilities to address security and compliance concerns.
  3. Quick response to market shifts such as black swan events – COVID-19 and the entry of non-bank players in the banking environment with the grant of digital banking licenses.
  4. Liaise with credible third-party vendors to build cloud-native solutions that help the bank achieve scale, agility, and efficiency. This step is especially essential for responding to customer requests (E.g., an automated FX calculator, bill prediction tools, benefits and rewards finder tools, etc.)
  • #6 Neo banking

A key strategic focus area for AmBank under its 2021-2024 objectives is to invest heavily in the SME sector, as it is a key focus area for Malaysia. The bank has undergone partnerships to provide personalised data-driven insights to its SME customers and help them migrate onto e-commerce platforms. Out of the total businesses in Malaysia, 98% are SMEs, and their contribution to the country’s GDP may rise by 11 percentage points from 2018 to 2030. However, 38% of these SMEs do not have access to credit, which presents a huge opportunity for AmBank to expand. Therefore, the bank should adopt a more aggressive neo banking strategy to provide easy access to credit and business management for SMEs in the country.

  1. Ambank supported SMEs by providing collateral-free financing of up to USD 250,000 under a scheme to offer a Special Relief Facility during COVID-19. The facility has a straightforward process with a 24-hour approval timeframe, and funds disbursed within five days from approval. As a dedicated neobank for SMEs, Ambank can build capabilities to grant instant overdrafts and short-term loans without human intervention while capitalising on funding SME credit in the country.
  2. It could business advisory and management tools that will allow SMEs to make smart investment and banking decisions over the bank’s neo banking platform.
  3. AmBank can conduct merchant transactions and reduce the in-merchant interchange reimbursement fee. It could also roll out tactical card acquisition and usage campaigns, including offering low merchant discount rates through its neo banking proposition.
  • #7 Artificial Intelligence (AI) in everything

AmBank is at an early stage of adopting AI into its business model. It is preparing to build a strong in-house technology team that understands AI well. As it is still in the early stage of adoption, the bank should begin with:

  1. Automating labour-intensive back-end and iterative daily tasks, like customer on-boarding, document collation, book-keeping, sales recording, etc., through robotics processes automation. This automation reduces labour redundancy and increases overall operational efficiency.
  2. Using AI and machine learning (ML) at various customer touchpoints, starting from digital biometric customer verification for customer profiling to identifying potential customers for cross-selling and upselling products and solutions.
  3. Leveraging its data analytics capabilities to seek contextualised data insights that the bank can use to innovate its product offerings and delivery channels.
  4. Using ML for analysing data collected through its virtual chat assistant AMY to create personalised responses contextually for the customers from past conversations. This step will help the bank build a customised customer engagement engine to answer and resolve queries instantly.
  • #8 Cybersecurity

As Ambank becomes more digitalised, it is preparing for more significant IT threats and data breaches. The bank has implemented a cybersecurity maturity improvement program (FY2018-FY2020). It enhanced capabilities to mitigate threats, improve incident response time, build threat-intelligence abilities, and implemented perimeter network control measures, such as firewalls and the Intrusion Prevention System. The bank should further integrate technology into its security practices by:

  1. Adopting AI and ML for effective threat intelligence as they can handle large volumes of data and also ensure the freshness of data.
  2. Incorporating cognitive process automation (CPA) to develop and test new security strategies. It can also determine appropriate response mechanisms to account for the dynamic and varied nature of security threats.
  3. Using predictive analytics in its cybersecurity strategies to identify risk trends and streamline the operational model to pre-empt and find the locus of inadvertent risks.
  4. Automating regular security functions such as threat monitoring, identity access management, internal benchmark compliance, controlling and reporting mechanisms. This step will make the overall security framework more transparent and smoother.
  5. Regular screening of data silos by using AI-ML to check for misconfiguration of firewalls, data leakage and data manipulation to ensure data integrity at all points of time.
  • #9 Society and planet impact

As a part of its sustainability goals, Ambank should establish a robust framework that outlines its journey that heads toward becoming a sustainable organisation by incorporating ESG considerations into business decisions. Within its Natural Capital strategic focus area, Ambank should:

  1. Use renewable sources of energy to fulfil energy requirements.
  2. Support projects in impoverished areas to compensate for unavoidable emissions, help preserve biodiversity, and drive reforestation.
  3. Introduce green services and products that encourage the use of sustainable products, such as low-interest loans for hybrid vehicles, mortgages for green building, and renewable energy financing for SMEs.
  4. Use eco ink, carbon-neutral printers and biodegradable alternatives to plastic and reduce paper usage by switching to online communication.

Organisation structure: Leadership 

Executive Profile 

Dato’ Sulaiman Mohd Tahir
Chief Executive Officer

Dato’ Sulaiman Mohd Tahir was appointed as the Chief Executive Officer of AmBank (M) Berhad on 23rd November 2015.

Dato’ Sulaiman has an experience of 28 years of spearheading growth in retail operations. He also has immense experience in the development and management of retail products and the consumer banking sector.

Quotes

  • The Top 4 strategy, Annual report 2020

As part of AmBank Group’s Top 4 Strategy which spanned four years from 2016 to 2020, we strategised 33 initiatives across six pillars namely Retail Banking, Business Banking, Wholesale Banking, Islamic Banking, Digital & Analytics, and Enablers. Through this strategy, we have focused our priorities on streamlining our internal operations and processes, realigning our diverse business segments, as well as strengthening our digital foundation.

  • Upskilling the employees, Annual report 2020

Recognising the pivotal role our employees play in our growth, we are committed to continuously invest in our talent pool through training & development programmes, employee engagement sessions as well as welfare and wellbeing initiatives

  • Serving the customer, Annual report 2020

We are facing significant changes in customer behaviour and, in order to adapt, we must spearhead changes that are focused on weaving banking as a day-in-the-life concept. We will do this by integrating customer needs at every touchpoint and further simplifying banking access.

  • Digital strategy, Annual report 2020

The dynamics of banking is changing as digital boundaries continue to blur. The consumer market, which is now dominated by Millennials and Gen-Y, are expecting smarter, faster and more accessible financial services.

Tan Sri Azman Hashim
Chairman

Tan Sri Azman Hashim serves as the chairman of the AmBank group subsidiaries. He has worked in the industry since 1960 when he joined Bank Negara Malaysia. 

Quotes:

  • Sustainable Banking, Annual report 2020

As a responsible bank, we are committed to balancing our profits with social and environmental wellbeing. The future growth of the company relies on our ability to mitigate Environmental, Social and Governance (ESG) risks. We cannot perform our duties as a financial institution if the prosperity of the people and the health of the planet is at risk.

  • Future of AmBank, Annual report 2020

As the banking sector continues to navigate regulatory obligations, technological disruptions and socio-economic trends, we are now faced with the adverse impacts of the unprecedented COVID-19 pandemic. Despite the increasingly challenging landscape, AmBank Group is well prepared to do what is needed to take care of both our businesses and our stakeholders.

Appendix A

twimbit Purpose Index

We evaluate Asia Pacific’s top banks to understand whether their strategic objectives, market positioning, and operational efficiency align with continued sustainability and profitability. In evaluating the respective bank’s focus areas and performance, we base our analysis on five purpose pillars and score each bank on them.

Endnotes

AmBank, (2020, March 31). Group Annual Report (Financials).
https://www.ambankgroup.com/eng/InvestorRelations/AnnualReports/Documents/2019/AMMB%202019%20Annual%20Report%20(Financial).pdf

AmBank, (2020, March 31). Governance and Financial Report.
https://www.ambankgroup.com/eng/InvestorRelations/AnnualReports/Documents/2020/AMMB%202020%20Governance%20and%20Financial%20Report.pdf%22%20/

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