Maybank has locally incorporated its
operations in Cambodia, and aims to rank among the top five banks
in Cambodia by 2015.
Maybank also plans to raise its capital from
$30m to $50m, to enable better support its clients there.
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Maybank set up its first branch in Cambodia in
1993, and currently Maybank Cambodia is ranked seventh in terms of
assets among 33 banks operating in Cambodia.
In the last three years Maybank has expanded
its operations to 11 branches in Cambodia and also developed an ATM
network, which is inter-linked within the country as well as
locations such as Malaysia, Singapore, Brunei, Philippines and
Papua New Guinea, for cardholders to withdrawal cash at no
cost.
Maybank president and CEO, Abdul Wahid Omar
said that the local incorporation will mark a new era for the group
and provide Maybank “greater opportunities” to expand its branch
network in Cambodia.
“We are optimistic about the growth prospects
in Cambodia especially in the retail segment and our intention is
to operate with an optimum number of branches in key commercial and
populated areas by 2015.
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By GlobalData“This initiative is part of our broader
strategy to further develop our operations in the country as well
as strengthen our regional footprint in line with our vision to
become a regional financial services leader,” he said.
Omar added that Maybank Cambodia had been
growing at a healthy pace with assets and deposits doubling 2008
onwards since its branch expansion got underway.
Total assets for Maybank increased from $129m
in June 2007 to $313m in December 2011, while deposits increased
from S$100m to $231m in the same period. Loans grew from $30m in
June 2007 to $168m in December 2011.
According to Maybank, the local incorporation
would also enable it to adopt an enhanced governance framework.
