Maybank Continues Expansion In Cambodia With 8th Branch

via Khmer NZ News Media

June 24, 2010

KUALA LUMPUR, June 24 (Bernama) -- Maybank has opened its eighth branch in Cambodia's Battambang city, the second largest city in the country after Phnom Penh.

Battambang is the main commercial hub of the northwestern region of Cambodia and is about 291 km from Phnom Penh and 140 km from Poipet, the border town between Cambodia and Thailand.

In a statement, Maybank said the new branch offered 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.

Maybank Head of International, Abdul Farid Alias said the opening of the new branch was in line with the group's strategy of accelerating its network expansion in Cambodia to tap into the growing demand for banking services in the country.

"With the Cambodian economy expected to grow by about 4 per cent 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," Farid said.

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

"There are also a number of foreign investors involved in infrastructure and telecommunication projects as well as property development in the area, which augurs well for the future of this region," he added.

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."

He added that given the growth potential and positive economic outlook for Battambang and Cambodia as a whole, 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," Farid said.

Maybank Cambodia has six branches in and around Phnom Penh and one branch in Siem Reap apart from the latest office in Battambang.

Globally, Maybank has over 1,750 offices in 14 countries, with presence in seven out of the 10 ASEAN countries as well as in the key international financial centres of Hong Kong, London, New York, Shanghai and Bahrain.

-- BERNAMA