KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) share price rose 12 sen or 1.45% to close at RM8.39 yesterday, up from RM8.27 with 5.49 million shares traded on news of its expansion plans in Southeast Asia.
CEO Datuk Seri Abdul Wahid Omar revealed yesterday in an interview with Dow Jones Newswires that Maybank is in talks with regulators in Laos to acquire a banking licence which will allow it to open a branch there, sending its share price upwards.
He said Maybank will use newly acquired Kim Eng Holdings Ltd’s brand and presence to launch commercial banking operations in Thailand.
However, he added that regulators have indicated that the lender won’t be able to open a Thai bank before 2014.
Wahid told Dow Jones, Maybank is targeting 40% of its profit from outside Malaysia by 2015 from 23% currently, and will expand in countries such as Vietnam, Cambodia and Indonesia.
“It is our belief that if we want to remain relevant it is important for us to have presence in all Asean countries come 2015,” Wahid said.
“The idea behind being there is that there will be greater intra-regional trade and investment ... therefore our customers will be doing business across the region.”
Maybank has branches in 14 markets, including Singapore, Pakistan, Indonesia and the Philippines.
The counter rose as high as RM8.52 during intraday trade yesterday.
This article appeared in The Edge Financial Daily, November 17, 2011.
CEO Datuk Seri Abdul Wahid Omar revealed yesterday in an interview with Dow Jones Newswires that Maybank is in talks with regulators in Laos to acquire a banking licence which will allow it to open a branch there, sending its share price upwards.
He said Maybank will use newly acquired Kim Eng Holdings Ltd’s brand and presence to launch commercial banking operations in Thailand.
However, he added that regulators have indicated that the lender won’t be able to open a Thai bank before 2014.
Wahid told Dow Jones, Maybank is targeting 40% of its profit from outside Malaysia by 2015 from 23% currently, and will expand in countries such as Vietnam, Cambodia and Indonesia.
“It is our belief that if we want to remain relevant it is important for us to have presence in all Asean countries come 2015,” Wahid said.
“The idea behind being there is that there will be greater intra-regional trade and investment ... therefore our customers will be doing business across the region.”
Maybank has branches in 14 markets, including Singapore, Pakistan, Indonesia and the Philippines.
The counter rose as high as RM8.52 during intraday trade yesterday.
This article appeared in The Edge Financial Daily, November 17, 2011.
