Maybank Opens Branch In Shenzhen

KUALA LUMPUR, April 19 (Bernama) -- Malayan Banking Bhd (Maybank) has opened a branch in Shenzhen, its fifth in Greater China, to leverage on the strong trade and investment flows between ASEAN and the region. In a statement Monday, Maybank said the branch is at AVIC Center on the main street of Futian District. The district hosted the headquarters of over half the financial enterprises in Shenzhen accounting for 39.1 per cent of the local gross domestic product (GDP), it said. Maybank Chairman, Megat Zaharuddin Megat Mohd Nor, said as at 2014, bilateral trade between China and ASEAN reached almost US$500 billion (US$1 = RM3.94) and the upgraded bilateral free trade area between the two parties late last year provided an impetus for further regional trade and economic collaboration. "Building on Maybank's presence in the ten ASEAN countries as well as India and Pakistan, we are confident we could differentiate ourselves in contributing to this city's dominant position as the largest export-import city in China," he said. The branch will offer a range of foreign currencies and renminbi (RMB) banking services including term loans, bridging loans, project financing, syndication loans, deposits, trade finance, Islamic finance, bank guarantees and cross-border businesses, among others. Maybank International Chief Executive Officer, Pollie Sim, said the key focus area for the new branch will be on facilitating trade-related transactions given Shenzhen's proximity to Hong Kong as well as its status as the most successful Special Economic Zone. "In 2015, Shenzhen's GDP totalled US$270 billion, putting it on par with a mid-sized province in terms of total GDP," she said. "Shenzhen is among the top ranked mainland Chinese cities in terms of comprehensive economic power, with its economic output ranked fourth behind Beijing, Shanghai and Guangzhou," she said. Sim said the Shenzhen branch will complement Maybank's four other branches in Greater China namely, Hong Kong, Beijing, Shanghai and Kunming and further strengthen the group’s franchise in the Greater China region. The Maybank Shenzhen branch has a paid-up capital of RMB300 million (approximately US$46.32 million) and a staff strength of 15. --BERNAMA