Maybank today opened its sixth branch in Cambodia which is expected to help boost its loans and deposits growth by 38% and 15% respectively by the end of June 2010.
Maybank Olympic Branch is located at the Olympic area, Phnom Penh's largest business centre dominated by the city's Olympic Stadium landmark.
"This latest branch will offer a range of business and retail facilities to cater to local as well as Malaysian and Singaporean businesses with interests in the country," said Abdul Farid Alias, Maybank Senior Executive Vice President and Head of International.
The facilities and services offered by Maybank Olympic Branch include Savings and Deposits, Mortgages, Trade Finance, Remittances and Foreign Exchange as well as ATM facilities.
"The new branch will tap the growing opportunities in Cambodia. Deposits and total assets grew by 27% each over the last three years and as the Cambodian economy gets back on a growth path, we are targeting our Olympic branch to contribute to earnings from its second year of operations. The branch will also support our four other branches located in the capital city," said Abdul Farid.
Farid said that despite the global economic slowdown, the Cambodian government has recently said its foreign currency reserves have risen by more than 20% since the end of 2008. The International Monetary Fund (IMF) forecast with hopeful signs that the global downturn may be bottoming, Cambodia's GDP for 2010 is projected at about 4.25%.
He added that the organic expansion of the Cambodian operations is in line with Maybank Group's strategy to further strengthen its regional footprint and achieve its vision to be the leading financial services group in the region.
"We are excited at the prospects of our Cambodian operations in particular as well as our other international offices given the improving economic outlook in the region. We remain committed to Cambodia and believe that our network expansion will contribute to the overall economic growth of the country," he said. "In this regard, we are looking to add another two more branches in Cambodia this financial year."
Maybank Cambodia started operations in 1993 with its first branch in Kramoun Sar, Phnom Penh. Its other branches are in Teukhtla, Moa Tse Tung Boulevard and Chbar Ampov in Phnom Penh as well as Siem Reap. Maybank is the largest financial services group in Malaysia and has the largest network of international offices among Malaysian banks, spanning across 14 countries with over 1,750 branches and offices.