Corp News

Maybank Opens 12th Branch in Cambodia

31 December 2012

4 min read

Maybank has expanded its network in Cambodia with the opening today of its 12th branch in the country, located at the Phnom Penh Special Economic Zone (PPSEZ).

The branch was officially opened by Lok Chumteav Ouk Maly, Deputy Governor, National Bank of Cambodia. Also present at the event were Ms. Chea Serey, Deputy Director General, Banking Supervision, National Bank of Cambodia, H.E. Datuk Pengiran Hj Mohd Hussein, Ambassador of Malaysia to the Kingdom of Cambodia, government officials, clients and senior Maybank officials.

The new branch will provide a full range of banking services such as deposits and placements, trade finance, loans, remittances, mortgages and Global ATMs to meet the financial and banking requirements of customers.

Maybank Deputy President and Head of Global Wholesale Banking, Datuk Abdul Farid Alias said PPSEZ is an ideal location for business given the emphasis to develop the area within the vicinity into another commercial centre. “The new branch is part of our long term commitment to expand our reach in Cambodia and play a significant role in developing the local financial services industry. This is in line with our mission of humanising financial services across Asia by providing easy access to financial services for the people,” he said.

“We intend to serve the industries located in PPSEZ which will require transactional banking services such as trade finance and cash management. We believe there is growing demand for such services given the presence of enterprises which deal with the import of raw materials and export of finished goods,” he said.

“Our branch will also serve customers in the nearby service areas, i.e. Chom Chao, which has growing consumer and commercial businesses.”

Maybank Cambodia Chief Executive Officer, Lee Tien Poh said, “The opening of the PPSEZ branch was timed to capture opportunities arising from the country’s City Development Strategy for the capital of Phnom Penh and its surrounding areas identified as secondary centers. These are expected to see increased commercial activity in the future. We are optimistic over Cambodia’s medium to long-term prospects and this additional branch will help facilitate economic growth in this region,” he added.

Datuk Farid also said Maybank Cambodia will pursue a more aggressive network expansion plan in 2013 in line with the Group’s vision to be a regional financial services leader. The recent local incorporation of Maybank Cambodia will also help accelerate its expansion in the country, he said.

PPSEZ is located about 15 km from the Phnom Penh City center and 8 km from the Phnom Penh International Airport. PPSEZ is strategically located in the heart of the region's east-west corridor and is directly connected to the Sihanoukville sea port. The highway carries traffic from Sihanoukville, Cambodia’s only deep sea port, 207 km away.

Maybank Cambodia currently has branches in Kramoun Sar, Toeuk Thla, Mao Tse Toung, Chbar Ampov, Olympic, Toul Kork, Stung Meanchey, Siem Reap, Sihanoukville, Battambang and Kampong Cham.