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Tuesday April 24, 2012

Maybank Kim Eng aims to remain top Thai broker

KUALA LUMPUR: Regional investment banking group Maybank Kim Eng aims to remain as a top broker in Thailand and grow its market share to 12% in 2012 from 11.86% last year.

Malayan Banking Bhd (Maybank) said in a statement that Maybank Kim Eng, which operated in 11 countries, counted Thailand as a key market in which it had been ranked No. 1 broker for the past 10 years.

Maybank Kim Eng Securities (Thailand) currently contributed some 28% in terms of revenue to the Maybank Kim Eng group in its financial year 2011, it said.

Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said Maybank Kim Eng Thailand had become an important component of the Maybank group in achieving its vision of becoming a regional financial services leader by 2015.

“At Maybank, we are focused on capturing growth opportunities in emerging markets and in strengthening our market presence. Thailand, South-East Asia’s second-largest economy, is expected to grow 5.2% in 2012,” he said at a briefing in Bangkok in conjunction with the bank’s celebration of 10 years as the top Thai broker.

Abdul Wahid said with steady growth of about 5% expected in the next five years, Thailand remained an important market for the Maybank group in achieving its vision.

“Maybank Kim Eng’s vision to become the region’s financial powerhouse by 2015 will benefit from the advent of the Asean Economic Community in that year.

“This will transform the entire region into a single highly-competitive market and production base, and Maybank Kim Eng intends to capitalise on the free flow of goods, services, investment, capital and skilled labour,” he said.

Maybank Kim Eng group chief executive Tengku Datuk Zafrul Tengku Abdul Aziz said Maybank Kim Eng Thailand expected revenue growth to be driven by the expansion of its business as well as through new products and services.

“The total revenue for Maybank Kim Eng Thailand stood at 3.2 billion baht and net profit at 654 million baht in 2011,” he said.

Zafrul said the bank would be expanding its network with three new branches this year as well as embarking on wealth management and offshore trading services for its clients in a bid to cement its lead in Thailand.

Maybank Kim Eng Thailand also planned to provide its clients with cross-trading facilities under the Asean Link, part of the Asean Exchanges development programme, he said.

Maybank Kim Eng Thailand chief executive officer Montree Sornpaisarn said the company would be tapping into the wealth management market segment with a new wealth management service to be introduced soon.

“The new offshore trading service, on the other hand, can either be done with the help of brokers or directly via Maybank Kim Eng Thailand’s online platforms. This service is expected to start in the second quarter of this year,” he said.

On plans to expand its network in Thailand, he said one branch in Hua Hin had just been opened while the other two would be opened in Bangkok, making it a total of 47 branches nationwide with over 600 qualified investment professionals. — Bernama

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