Maybank to expand overseas operations

Maybank has set its sights on expanding its overseas operations, which contributed a substantial pre-tax profit for the last financial year.

Over the medium term, the bank intends to focus its expansion on China and the Middle East markets according to its executive director. Maybank foresees upgrading its representative office in Beijing to a branch office and its newly-opened branch in Shanghai- to perform well at an early stage.

Following this, Maybank is also evaluating the central region of China, the industrial belt which has recently grained importance with the inflow of foreign investments.

Maybank, the largest bank in Malaysia, and with assets of more than $39 billion, has also applied to do Islamic financing in the capital markets of Bahrain. Currently, Maybank’s global network comprises Malaysia (355 branches); the Philippines (58 branches); Singapore (22 branches); Brunei (three branches); Papua New Guinea (two branches); the United States, Britain, Indonesia and Cambodia (one branch each); Vietnam (one branch and one representative office). The bank has also a representative office in Myanmar and in Uzbekistan.

With the encouraging results of its operations in Cambodia and Papua New Guinea, a third branch is being planned in the latter. Maybank is particularly cognizant of the many opportunities in the Greater China belt spanning China, Hong Kong, Cambodia, Vietnam and Laos.

In the Philippines, where the General Banking Act allowing 100 percent ownership of foreign banks was recently legislated, Maybank increased its stake in Maybank Philippines to 99.6 percent.

With more than 50 branches nationwide, it has the most extensive reach among the foreign banks in the country. To date, this branch network is the biggest in any foreign country where Maybank is present, and second only to its home operations in Malaysia. The increase in ownership is an affirmation of Maybank’s commitment to a long-term presence in the Philippines. It is poised to be a key player in the banking sector with the introduction of quality financial products and services and innovative electronic banking channels.

Maybank’s presence in the Philippines is also a key factor in its thrust to strengthen its network across the region and is in line with its moves to expand at a "measured pace" while getting to know the local people and conditions. Maybank has, likewise, resolved to maximize its market penetration and aggressively pursue opportunities in the Philippines, which promises a generally upbeat business environment brought about by the recent political developments in the country.