Maybank expands international network with second branch in Cambodia
Maybank has opened a second branch in Cambodia as part of its strategy to grow its international network as well as to make inroads into the domestic markets where Maybank is present. The branch, located in Teukthla, Phnom Penh is in addition to the main branch in Phnom Penh which was opened in December 1993.
Maybank Senior Executive Vice President and Head of International Business, Lim Hong Tat said that this new branch will enable the Bank to play a bigger role in the Cambodian financial services sector which offers exciting potential as well as to better support its international customers.
"Our second branch in Cambodia will give us better reach and enable us to tap further into the consumer market. This is in line with the Bank's objective to expand our consumer franchise beyond Singapore and the Philippines, where we have a strong presence. Also in line with this, we would soon be rolling-out automobile financing products in Vietnam through our branches in Hanoi and Ho Chi Minh City. Our second branch in Cambodia will also enable us to support our customers from Malaysia, Singapore and other regional locations who have trade and investment links with Cambodia. We are very positive about the Cambodian economy and are planning to open another four branches in the next two years," he said.
The Teukthla Branch offers a full range of foreign currency denominated banking products and services including loans and advances, trade financing, remittances, deposit taking and selected retail products such as housing loans.
Maybank's main branch in Phnom Penh has been actively involved in the corporate, SME and commercial sectors particularly in offering Overdraft, Short Term Revolving Credit and Term Loan facilities. The Bank has seen strong growth in its Cambodian operations, chalking up loans growth of 27% and deposits by 20% as at February 2008 compared to June 2007. In addition, it has begun to offer housing loans since January this year.
With this new branch, Maybank Group's international network now comprises 90 offices in 13 countries.