MANILA, Philippines - Maybank, the fourth largest bank by assets in ASEAN, was granted a banking license to open a branch office by the Central Bank of Myanmar (CBM) early this month.
Given as part of a move to liberalize the banking sector in the country, the license will facilitate the participation of foreign banks in formerly restricted services in Myanmar, including providing loans to foreign companies as well as domestic banks.
Maybank Group president and chief executive officer Datuk Abdul Farid Alias said that the foreign banking license was a significant milestone in its partnership with Myanmar on its journey of growth, and will help further strengthen the Group’s regional footprint as well as its capabilities in serving customers seamlessly throughout ASEAN.
“We hope to facilitate greater cross-border trade between Myanmar and our core markets as well as Greater Mekong Subregion, particularly in Yunnan upon the opening of our third China branch in Kunming,” he said.
Building capabilities has always been one of Myanmar’s priorities to develop its socioeconomic growth.
Maybank introduced the regional GO Ahead Challenge into Myanmar this year as well as sponsored more than $100,000 to run the inaugural Maybank International Internship Program (MIIP) in September 2014.
This MIIP will sponsor three young Myanmar talents out of thirty shortlisted candidates for a six-month internship in one of Maybank’s ASEAN offices.
Maybank opened its representative office in Yangon back in 1994, providing liaison and advisory services. For over 20 years, Maybank established correspondent banking relationships with domestic banks and supported Myanmar in infrastructure building by leveraging upon its regional presence and project financing strength.
The bank financed key infrastructure projects such as airport, telecommunications and gas pipeline projects.
The implementation of Maybank Money Express in 2012 has also made Maybank the first Malaysian bank to establish a Myanmar-Malaysia remittance service jointly with five domestic banks.
These key milestones demonstrate Maybank’s deep understanding of Myanmar’s priorities, and its ongoing commitment to Myanmar’s development.
Maybank is a regional financial services leader, ranked the fourth largest bank in Southeast Asia by assets.
Maybank has also been recognized among the World’s Top 20 Strongest Banks by Bloomberg Markets for two consecutive years, 2013 and 2014.
A truly ASEAN franchise, Maybank Group has an international network of 2,400 offices in 20 countries including all 10 ASEAN countries, with over 47,000 employees serving more than 22 million customers worldwide, enabling clients to tap market opportunities and bridge worlds in Asia.