Business News

Published: Monday November 4, 2013 MYT 12:00:00 AM
Updated: Monday November 4, 2013 MYT 6:48:53 AM

Maybank Cambodia opens four new branches

PETALING JAYA: Maybank Cambodia Plc expanded its presence in Cambodia with the opening of four new branches, bringing its total network in the country to 16 branches.

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

The branches are located in Serey Sophorn, Chroy Changvar, Obek Kaorm and Kampuchea Krom.

In a press release, Maybank said the branches were officiated by National Bank of Cambodia deputy governor Lok Chumteav Ouk Maly.

Maybank Cambodia chief executive officer Lee Tien Poh said the opening of these four branches reaffirmed Maybank’s commitment to Cambodia, as the bank marked its 20th Anniversary in Cambodia this year.

“Maybank commenced operations in Cambodia in 1993, and has been on an aggressive expansion trail with 10 branches opened in the last four years.

“Over the years, we have expanded our reach to local companies by providing the full range of banking facilities to the local retail, small and medium enterprises (SME) and commercial as well as corporate sectors.

“From our humble beginning with a single branch set-up, we are now honoured to be able to serve the larger community of Cambodia,” he said.

He added that Maybank Cambodia was now among the top 10 banks in the country, with at an average total asset growth of 32% year-on-year in the last five years.

“The opening of these four new branches is expected to boost our total deposits and loans by some 13% and 16% respectively in the next three years,” Lee said.

Lee said the opening of these branches was timely as it enabled the bank 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 these additional branches will help facilitate economic growth in this region,” he said.

Lee said Maybank Cambodia will pursue a more aggressive network expansion plan in 2014 in line with the group’s vision to be a regional financial services leader.

“Our network expansion will include both our branch and ATM network, as well as enhancement of our internet banking capabilities.”

Tags / Keywords: Business, Banking, Maybank, Cambodia

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