LABUAN, Monday [11 January 2010] - The Labuan Offshore Financial Services Authority (LOFSA) is pleased to announce the appointment of David Kinloch as Chief Executive Officer of Labuan IBFC Inc Sdn Bhd effective from 1 January 2010.

Labuan IBFC Inc is LOFSA’s wholly owned subsidiary entrusted with the promotion and advancement of Labuan International Business and Financial Centre (Labuan IBFC) as a premier international business and financial center.

LOFSA’s Board of Directors has undertaken an extensive international search process over the last 5 months to secure the best candidate for the position.

Kinloch, who had been acting as interim Chief Executive Officer prior to his official appointment today, had in fact been serving as a private advisor to Labuan IBFC Inc Sdn Bhd for more than a year. In this previous role, he was already actively assisting Labuan IBFC Inc in generating awareness especially among international financial intermediaries and corporate end users.

“We have found David Kinloch to be a suitable candidate and believe that he will provide a much more concerted, focused and targeted effort in promoting Labuan IBFC globally,” said LOFSA Director-General Dato’ Azizan Haji Abdul Rahman.

Dato’ Azizan who also sits on the Board of Labuan IBFC Inc. Sdn Bhd went on to say that with Kinloch’s extensive offshore experience in Europe, Asia, Africa and the Middle East, he will be able to assist Labuan IBFC in addressing the unique needs of these markets.

Kinloch, a British citizen, brings with him over 35 years experience in offshore financial services industry, having worked in senior management capacities in leading offshore centers such as Bermuda, Malta, Hong Kong and with many other leading jurisdictions.

His professional history includes assignments with the Virgin Group of Companies United Kingdom, Jardine Matheson in Hong Kong, Lloyds syndicates in London, the Middle Sea Insurance company in Malta and Mobil Oil to name a few.In welcoming Kinloch, the Chairman of Labuan IBFC Inc Sdn Bhd Dato’ Mohammed Azlan Hashim said besides an impeccable global track record, an essential quality for the CEO is a clear understanding of the needs of this specialized market and those of its intermediaries.

“With his experience in the offshore industry, David brings with him a practitioner’s insight which will prove invaluable as we forge ahead with our marketing plan for 2010 and beyond,” said Azlan.

He added that it is essential that Labuan IBFC create a solid bridge to the global offshore industry from which to launch new services and products facilitated via the enactment of the new Labuan Bills by the Malaysian Parliament.

Indeed, Kinloch has a very clear understanding of the country’s unique position within the Asia Pacific region.

“Malaysia is in an ideal position to tap into the burgeoning wealth and economic growth within the region, which will lead to increased cross border transactions via Labuan’s international business centre,” Kinloch said.

Kinloch said that he was pleased to be able to offer his services to LOFSA and the Board of Labuan IBFC Inc Sdn Bhd, especially after having had the privilege of working with both parties prior to his appointment as Chief Executive Officer.

“Having been a part of this promotional agency from a very early stage has given me an opportunity to witness its growth, providing me a clear vision from which to launch its next phase of development,” Kinloch went on to say.

The full press release can be downloaded from the following link.