KUALA LUMPUR (Sept 3): Twenty-eight years ago, on Merdeka Day in 1994, a new Malaysian bank — Allied Bank — was born, and subsequently renamed PhileoAllied Bank. The owners were faced with a question: How to succeed in a challenging environment?

The banking industry in Malaysia was far more vibrant and dynamic in those days. There were 36 commercial banks, 39 finance companies and 12 merchant banks in operation. Needless to say, it was a highly competitive environment.