Maybank continues expansion in Cambodia with opening of 8th branch
Maybank has opened its eighth branch in Cambodia, located in Battambang, the second largest city in the country after Phnom Penh. Battambang is the main commercial hub of the northwestern region of Cambodia and is situated about 291 km from Phnom Penh and 140 km from Poipet, the border town between Cambodia and Thailand.
The new branch offers 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 this 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% 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,” said Farid.
He added that Battambang’s growth prospects were even more evident given its significant population of about 500,000 as well as the presence of agriculture and agro-based industries, trading & wholesale business enterprises and tourism.
“We are excited with the opening of this office as we believe that we can support the economic development in this fast growing region of Cambodia,” said Farid. “We anticipate strong demand from both the retail and business sectors.”
Farid noted there are about 100 companies operating in the area with the presence of industrial zones comprising agro-based industries, rice millers, food processing and packaging plants as well as mining companies.
“There are also a number of foreign investors involved in infrastructure and telcommunication 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,” said Farid.
Maybank Cambodia has been expanding aggresively in the last year, adding six new branches since January 2009 to date. It 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 a presence in seven out of the 10 ASEAN countries as well as in key international financial centres of Hong Kong, London, New York, Shanghai and Bahrain.