Maybank To Focus On Transaction Banking, Corporate Lending And Treasury Services In Myanmar

KUALA LUMPUR, Oct 5 (Bernama) -- Malayan Banking Bhd's (Maybank) Myanmar operations, which were launched Monday, aimed to focus on transaction banking, corporate lending and treasury services as part of its objective to establish itself as a leading cross-border bank in Myanmar. In a statement Monday, the bank said its Yangon branch, which has a registered capital of US$75 million (US$1 = RM4.40), was officiated by Central Bank Myanmar Deputy Governor U Set Aung and Bank Negara Malaysia (Malaysia's Central Bank) Deputy Governor Muhammad Ibrahim. Also present were Maybank Chairman, Megat Zaharuddin Megat Mohd Nor, and Maybank International Chief Executive Officer, Pollie Sim Sio Hoong. Megat Zaharuddin said Maybank has been in Myanmar for over 20 over years and has extensive network in all 10 ASEAN countries. He said the coming into force of the ASEAN Economic Community (AEC) at the end of this year would change the economic landscape in Asia. "There will be plenty of opportunities across the region. "As well as the AEC, Myanmar's intrinsic advantage of its strategic location at the heart of Asia, backed by rich endowments of natural resources and supported by a growing labour force, creates an unprecedented growth potential to accelerate development," he said. Meanwhile, Sim said Maybank was in a unique position to offer cross-border banking solutions. "Our focus will be on supporting wholesale and corporate clients as well as domestic banks in Myanmar with services such as deposit accounts, working capital financing, transaction banking, cash management, treasury and capital market solutions," she said. She said Maybank would leverage on its expertise in financing of power, utilities, oil and gas as well as the telecommunications sectors, which are also priority growth areas for Myanmar. "Myanmar is a fast-emerging nation with a target economic growth of 9.3 per cent for this year," she said. Malaysia is Malaysia's largest financial services group and the leading banking group in South East Asia. --BERNAMA