Malayan Banking Bhd, which has set up a Japan desk with Mizuho Corporate Bank Ltd of Japan, expects a 10% annual growth in trade volume in view of the growing confidence among Japanese entrepreneurs in the Malaysian economy.
The business alliance between Maybank and Mizuho, which was sealed in Kuala Lumpur yesterday, will provide Japanese businessmen with such financial services as credit facilities, trade financing, cash management services, corporate advisory and remittance, among other things.
Speaking at the signing ceremony in Kuala Lumpur, Maybank president and chief executive officer Datuk Amirsham A. Aziz said the Japan desk in Maybank would enhance Maybank's services to its Japanese customers as well as expand its market to other Japanese clients.
The establishment of the Japan desk is a continuing strategy of Maybank to establish strategic partnerships with world-class corporations that will provide better services to our customers.
Our alliance with the world's largest financial group is a win-win situation. We are able to bring mutual benefit to both banks as well as higher value benefits to our customers, especially Japanese clients, he said.
Mizuho is part of the Mizuho Financial group in Japan, the world's largest financial group with total assets exceeding US1.1trillion.
According to latest trade figures, Malaysian exports to Japan in January totalled RM3.5bil, a 5.8% increase compared with the corresponding month last year. Imports from Japan were valued at RM4bil.
Mizuho managing executive officer, head of Asia & Oceania, Akio Takeuchi, said given the very dynamic changes in the Asian economies and financial markets, Asia represented one of the most important regions in Mizuho's business strategy. About 60% of the 1,400 Japanese companies in Malaysia are Mizhuho's clients.
Maybank executive vice-president and head of enterprise financial services group Zulkiflee Abbas Abdul Hamid said Japan was the bank's biggest trading partner, ahead of the US and Europe.
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