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Tag: Maybank

  • Maybank widens presence in Laos with second Vientiane branch

    Maybank widens presence in Laos with second Vientiane branch

    Malayan Banking Bhd (Maybank) has expanded its network in Laos with a second branch in the capital Vientiane, thus establishing a greater presence in one of the fastest expanding economies in Asean.

    The branch, located in the commercial district of Nongduang, offers a full spectrum of banking services, and aims to serve the needs of the local community as well as customers from across the region having trade and investment links in the country.

    The new branch was officially launched by Bank of the Lao PDR (central bank) deputy governor Vathana Dalaloy at an event hosted by Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor.

    Maybank international CEO Pollie Sim said the opening of the Nongduang branch will strengthen Maybank’s presence in Indochina and enhance its ability to meet the banking needs of customers, particularly the growing investor base into the country.

    “Laos is among the strongest performing economies in the region, with steady economic growth of around 8.5% for the past four years and is anticipated to achieve 7.5% real gross domestic product growth on average from 2016 to 2020, according to the government’s eighth development plan.”

    Sim said the first Maybank branch in Vientiane, which was opened in 2012, has experienced encouraging growth with loans and deposits rising at an annual average of 46% and 78% respectively over the last two years.

    “We anticipate that the opening of this second branch will further boost our franchise in the country and lift our loans and deposits growth to over 70% and 100% respectively by end of 2016,” she added.

    Services offered by the two Maybank branches in Laos include retail and business banking, foreign exchange, remittances, treasury as well as ATMs. The retail offerings include mortgages and personal loans while business banking services include term financing and trade financing.

    The two branches have a paid-up capital of LAK200 billion (about RM100 million) a staff strength of 30 in total.

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  • Maybank Singapore in ongoing talks with MAS over incorporation here

    Maybank Singapore in ongoing talks with MAS over incorporation here

    Maybank Singapore on Thursday said it has had ongoing consultations with the Monetary Authority of Singapore (MAS) on the incorporation of its operations in Singapore, and “reaffirm our commitment to this”.

    It did not offer a date for the incorporation of its retail business here, and remains the only one of seven domestic systemically important banks (D-SIB) in Singapore that have not incorporate the business, or confirmed a timeline for this.

    A framework unveiled by the MAS in May 2015 listed seven banks – DBS, OCBC, UOB, Citibank, Standard Chartered, Maybank and HSBC – as lenders that are effectively deemed “too big to fail” in Singapore, mainly because of their significant retail presence here. These banks will face additional supervisory measures, and this includes locally incorporating their retail operations.

    This means the local deposits are ringfenced from the group’s operations, and it provides protection against a potential loss of Singapore-based consumers’ money when the overall group runs into trouble.

    HSBC has announced that it expects to incorporate its retail operations this year. All but Maybank and HSBC have ringfenced their retail business here.

    “Maybank sees Singapore as a key market, and an important gateway to the rest of the region. The local incorporation signifies a further deepening of Maybank’s roots in Singapore, cementing its unwavering commitment to the local community after 55 years in the country,” Maybank Singapore said.

    “Singapore is an important part of the bank’s strategy to continue growing its international business and we look forward to forging even closer ties with our customers in Singapore and the region.”

    Relating to banks that have to locally incorporate their retail operations, MAS has said that “where appropriate, MAS will provide such D-SIBs with an adequate transition period to comply with this requirement”.

  • Maybank Launches Market Outlook Roadshow Across Malaysia

    Maybank Launches Market Outlook Roadshow Across Malaysia

    Maybank Investment Bank has just kicked off their annual Market Outlook 1H 2016 investors’ roadshow across Malaysia for this year’s investment strategies.

    The Market Outlook is aimed to share stock market views and investment strategies on the Malaysian, Hong Kong, and US markets with their retail equities clients, with the roadshows behind held in the multiple states Johor, Penang, Ipoh, Kota Kinabalu, Kuching, Sibu, Seremban, and Kota Bahru and Kuala Lumpur from 9 to 30 January 2016.

    Present during the launch was Head of Retail Equities (Malaysia) CK Lim, Head of Regional Retail Research Ong Seng Yeow, Regional Chartist Lee Cheng Hooi, Head of Retail Research (Hong Kong) Benny Wong and CEO of i-VCAP Mahdzir Othman.