Malaysia's Maybank to expand in Asean
Maybank is planning to open more than 100 branches in Asean nations over the next three years to realise its target of capturing between 3-5 per cent of banking market share in the countries where it has a presence.
The bank’s president and chief executive officer Abdul Wahid Omar said the next few years would see Maybank expanding its business across Asean with plans to have 450 branches in Indonesia from its current 380 and another 13 branches in Singapore to make it a total of 35 branches in the island republic.
“We believe in the future of Asean and as a Malaysian bank that has expanded beyond our borders, we believe it is important for Maybank to have complete presence across the region. This way, we can play a more effective role in facilitating trade and investment intra-Asean,” he said.
Maybank now has presence in all Asean countries with the unveiling of its first branch in Vientiane on Monday, which was opened by Prime Minister Najib Razak.
The bank plans to open five more branches in Laos. Wahid said that Maybank, which currently has 11 branches in Cambodia, planned to expand it to 20 while in the Philippines, the bank’s target is to have 100 branches in the next three years.
