Thursday, June 24, 2010

Maybank expands network in Cambodia with 8th branch

KUALA LUMPUR: MALAYAN BANKING BHD [] accelerated its network expansion in Cambodia with the opening of its eighth branch in the country as it taps into the growing demand for banking services there.

The new branch was opened in Battambang, the main commercial hub of the northwestern region of Cambodia. It is the second largest city after Phnom Penh.

Maybank's head of International Abdul Farid Alias said on Thursday, June 24 the new branch was in line with the group's strategy of accelerating its network expansion in Cambodia.

"With the Cambodian economy expected to grow by about 4% this year, arising from improved external demand and the easing of credit, we believe this is an opportune time to leverage on the strong business potential and rising demand for banking," he said.

Given the growth potential and positive economic outlook for Battambang and Cambodia as a whole, Farid said Maybank was confident that its newest branch will record profits from the second year of its operation.

"We intend to maintain our growth momentum in Cambodia with the opening of another three provincial branches by 2011, which will also reinforce our expanding regional network and leadership," said Farid.

The new branch offers a range of retail and commercial banking services, namely deposit and placement, trade finance, loans, remittances, foreign exchange and mortgages as well as an automated teller machine.

He anticipated strong demand from both the retail and business sectors there. He said there were about 100 companies operating there and they were in agro-based industries, rice millers, food processing and packaging plants as well as mining.

He added that Battambang's growth prospects were even more evident given its significant population of about 500,000 as well as the presence of agriculture and agro-based industries, trading & wholesale business enterprises and tourism.

Farid said that Maybank would not only cater to its international customers who have investments in Cambodia, but also to the local market through its range of banking services. ''

"We are currently working on a regional ATM linkage to provide greater convenience for our customers and this will enable us to also explore the setting up off -site ATMs in Cambodia".

Maybank Cambodia has added six new branches since January 2009 to date. It has six branches in and around Phnom Penh and one branch in Siem Reap apart from the latest office in Battambang.

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