Maybank plans to expand in Cambodia

(CAAI News Media)

Friday, 08 January 2010 15:02 BLOOMBERG AND POST STAFF

KUALA LUMPUR – Maybank plans to expand overseas loan growth to 40 percent of its overall portfolio, Chief Executive Officer Abdul Wahid Omar said Thursday, adding that the Malaysian lender would plan to add five more branches in Cambodia.

Speaking at an event to Mark Malayan Banking Bhd’s 50th anniversary, Omar told reporters in Kuala Lumpur that as the bank looks to expand its focus would remain within South and Southeast Asia.

“Our 1,750 branches globally will expand above 2,000 branches over the next few years,” he said. “In the case of Cambodia, the plan will be to increase the branch network from seven to 11.”

Omar did not give a time frame for the expansion.

Maybank would focus on organic growth rather than acquisitions, he added.

“Our primary focus is to strengthen our presence in the respective countries where we already have a presence as we’re able to get traction in those countries,” Omar said. “We’ll then look at other opportunities.

The Kuala Lumpur-based lender operates in 14 countries including Malaysia, Cambodia, the Philippines and Indonesia. Of the firms total lending, 33 percent of loans are issued overseas, while about one quarter of profits are generated outside of Malaysia, Omar said, but “the rate of growth in our overseas operations will be faster than our domestic growth”.

Maybank first began operating in the Kingdom in 1993 although it did not establish its first branch outside of Phnom Penh until June when it announced the opening of a Siem Reap branch.

At the time, new Branch Manager Chou Teong Boon said that Maybank planned to further expand outside of the capital to Battambang and Kompong Cham provinces, as well as Sihanoukville.