KUALA LUMPUR: Malayan Banking Bhd (Maybank) will have at least 12 branches in Cambodia by year-end, said Maybank deputy president and head of global wholesale banking Abdul Farid Alias.
He said this when announcing the opening of Maybank’s 11th branch at Stung Meanchey in Phnom Penh yesterday.
Maybank will further expand its network in 2012 with the addition of at least one more branch in Cambodia, Farid said in a statement.
“The expansion of our network in Cambodia is critical to complement our footprint in the region in line with Maybank’s vision to be a regional financial services leader as well as to build our capacity to serve the expanded needs of customers,” he said.
Over the 12 months to October this year, Maybank Cambodia has recorded a 75.2% growth in loans and advances and about 4% growth in customer deposits, said Farid.
The opening of the Stung Meanchey branch was also timed to capture the medium- and long-term growth in the country, he added.
“Cambodia’s economy is poised for more than 6% growth next year and demand for financial sector products as well as services has been increasing in the last few years and is expected to continue in tandem with this economic growth.
“The new branch is part of our continued long-term commitment to expand our reach in Cambodia and play a significant role in developing the local financial services industry,” Farid said.
Maybank is pursuing a key initiative to apply for a local incorporation licence from the National Bank of Cambodia to reflect its long-term commitment to Cambodia and its standing as a regional bank.
This article appeared in The Edge Financial Daily, December 28, 2011.
He said this when announcing the opening of Maybank’s 11th branch at Stung Meanchey in Phnom Penh yesterday.
Maybank will further expand its network in 2012 with the addition of at least one more branch in Cambodia, Farid said in a statement.
“The expansion of our network in Cambodia is critical to complement our footprint in the region in line with Maybank’s vision to be a regional financial services leader as well as to build our capacity to serve the expanded needs of customers,” he said.
Over the 12 months to October this year, Maybank Cambodia has recorded a 75.2% growth in loans and advances and about 4% growth in customer deposits, said Farid.
The opening of the Stung Meanchey branch was also timed to capture the medium- and long-term growth in the country, he added.
“Cambodia’s economy is poised for more than 6% growth next year and demand for financial sector products as well as services has been increasing in the last few years and is expected to continue in tandem with this economic growth.
“The new branch is part of our continued long-term commitment to expand our reach in Cambodia and play a significant role in developing the local financial services industry,” Farid said.
Maybank is pursuing a key initiative to apply for a local incorporation licence from the National Bank of Cambodia to reflect its long-term commitment to Cambodia and its standing as a regional bank.
This article appeared in The Edge Financial Daily, December 28, 2011.
