Maybank has opened its ninth branch in Cambodia to expand its reach to customers there as well as tap the growing economic potential in the country arising from improving external demand and easing credit conditions.
The branch is located in Sihanoukville, south west of Cambodia, about 235 kilometers from Phnom Penh city. The region has a population of approximately 268,000, with about 60,000 people residing in the town.
The Sihanoukville branch is the third provincial Maybank branch outside Phnom Penh city, in addition to branches in Siem Reap and Battambang. Six other branches are all within Phnom Penh, namely Kramoun Sar, Teukthla, Mao Tse Toung, Olympic, Chbar Ampov and Toul Kork.
The opening ceremony of the branch was graced by HE Sbong Sarath, Governor of Preah Sihanouk Province, HE Lou Chin Sarin, Governor of Sihanoukville, Mr Yors Chanthor, Director of the National Bank, Sihanoukville Branch and Okhna Lim Huy Leng, President of the Chamber of Commerce, Sihanoukville Province.
Maybank Head of Global Wholesale Banking, Abdul Farid Alias said the new branch in Cambodia was a collaborative effort with the Cambodian Bank Authorities as well a response to the needs of the region. "We are grateful for the assistance of the regulators as well as support of stakeholders and community in Sihanoukville in setting up this branch, which we believe will further enhance the financial services sector in that part of the region The new branch is also part of Maybank’s strategic plans to expand its footprint in the Indo China market in line with the Bank's vision to become a regional financial services leader.
“We have been on an aggressive expansion trail in Cambodia with eight branches opened in the last two years and are targeting to open two more branches by end of 2011."
Abdul Farid added that there was a pent up demand for financial services in Cambodia with its economy enjoying a rebound and diversifying from traditional industries such as textile production to tourism and oil exploration.
“Cambodia is expected to grow by over 4% this year and we see good prospects for the country which continues to attract strong foreign investment. Maybank is here for the long term and we remain committed to helping in the growth and development of the financial services sector in the country,” he said.
Abdul Farid added that Maybank would also continue to support the growing trade between Malaysia and Cambodia. "Given the overall positive outlook of the country, we will also see loans growth in our Cambodian operations," he said.
The Maybank Sihanoukville branch offers a full range of banking services including deposit accounts, mortgages, term loans, trade finance and ATM services to meet the financial requirements of new and existing customers.
The branch adds to Maybank’s international network which now spans over 1,750 offices in 14 countries namely Indonesia, Philippines, Singapore, Pakistan, Brunei, Vietnam, China, Hong Kong, New York, London, Bahrain, Labuan, Uzbekistan and Papua New Guinea.