Corp News

Maybank opens fifth branch in Cambodia

10 August 2009

4 min read

Maybank has expanded its branch network in Cambodia with the opening of the fifth branch in the country, which is located at Chbar Ampov Town, south east of Phnom Penh City.


The branch is the third to be opened in Cambodia this year, after the opening of branches in Mao Tse Toung Boulevard and Siem Reap earlier this year. The branch will further support Maybank's overall operations in Cambodia and will offer commercial and wholesale banking together with selected retail banking services. It will also offer trade finance facilities, deposit and placement products, remittance and forex services as well as housing loans.


"The opening of our fifth branch is timely as it is part of our long term strategy to strengthen our presence in the region as well as support the expanding Cambodian economy in which many foreign investors, including Malaysian and Singaporean companies have established operations," said Abdul Farid Alias, Head, International, Maybank.


Abdul Farid said that the branch expansion plan underscores Maybank's commitment to the growth and development of Cambodia, providing banking services to both local customers as well as investors with business dealings in the country.


"Our operations in Cambodia, which began in 1993, have shown positive growth over the years arising from the rapid economic growth there. In the last three years for example, loans grew by 185% while deposits grew by 27%," he said. "We continue to see strong potential in these areas driven by the consumer banking market where we have begun offering mortgage loans, ATMs and Auto Payment Services since last year."


Abdul Farid said that Maybank will continue to increase its range of facilities and services to reach even more segments of the local market as it expands its operations in Cambodia.


The Maybank Chbar Ampov branch further reinforces Maybank's international network which currently has over 400 offices in 13 countries, in addition to 384 branches in Malaysia as well as associates in Pakistan (MCB Bank) and Vietnam (An Binh Bank).


Maybank's first branch in Cambodia was set up in 1993 in Phnom Penh while the second was opened in March 2008 in Teukthla, Phnom Penh. Other branches of Maybank in Cambodia are located in Siem Reap and Mao Tse Toung Boulevard.


Apart from Cambodia, Maybank has operations in 13 other countries namely, Malaysia, Singapore, Indonesia, Philippines, Vietnam, China, Papua New Guinea, Brunei, Pakistan, Bahrain, Uzbekistan, United Kingdom and USA.