Written by Joy Lee
Tuesday, 05 January 2010
KUALA LUMPUR: MALAYAN BANKING BHD  (Maybank) hopes to expand its network in Cambodia given the improving economic conditions in the country and optimism on its growth prospects. The bank recently opened its seventh branch in the Toul Kork district in Phnom Penh.
"This latest branch completes the four new branches we planned to open this year. We are pleased to be able to expand our network to provide to the growing community in the capital city, including the local as well as Malaysian and Singaporean companies with operations in Cambodia," Abdul Farid Alias, Maybank's head of international, said in a statement yesterday.
"We are planning to open one more branch by the end of this financial year ending June 30, 2010."
Maybank Cambodia's new branch would provide financial services to the Toul Kork district consisting of affluent residences, government ministries, universities and commercial businesses.
"We are targeting for Maybank Toul Kork to turn around in the second year of operation. The branch will meet the banking needs of the community in the vicinity, focusing on the commercial and retail sectors," Abdul Farid said.
The latest branch expands Maybank's international network to over 1,750 offices located in Indonesia, the Philippines, Singapore, Cambodia, Brunei, Vietnam, China, Hong Kong, Bahrain, Pakistan, Papua New Guinea and Uzbekistan as well as financial centres in New York and London. Maybank opened its first branch in Cambodia in 1993.