MBf to change structure

RESPONDING to the departure of four senior management staff in Hong Kong, MBf Holdings will put in place new personnel and reporting structure in MBf Asia Capital Corp (MACC).

'While we regret such resignations, they should be viewed as nothing unusual for a group of our size,' said Loy Hean Heong, president and chief executive of the MBf group of companies.

He said MBf's overseas Mastercard operations, including those in Hong Kong, would revert to the card and payment services division, based in Kuala Lumpur.

The parent company in Malaysia would also oversee MACC's property development interests in England and the United States, and its trading activities in the South Pacific.

'The new structure will further strengthen the group's operations,' MBf said.