Maybank Cambodia Aims To Be Among Top Five Banks In Cambodia

KUALA LUMPUR, April 4 (Bernama) -- Malayan Banking Bhd (Maybank) has incorporated its Cambodian operations under the banner of Maybank (Cambodia) plc and set its sights on being among the top five banks in the country by 2015. In a statement Wednesday, Maybank said the Cambodian bank would also see its capital raised from US$30 million to US$50 million in a move to enable it to better support its clients there. National Bank of Cambodia governor, Dr Chea Chanto, officiated the launch of the bank. Prime Minister Najibn Razak and his Cambodian counterpart, Samdech Hun Sen, witnessed the event which was held in conjunction with the 9th Asean Leadership Forum held in Phnom Penh Wednesday. Maybank was represented by its chairman Megat Zaharuddin Megat Mohd Nor and president/chief executive officer Abdul Wahid Omar. The bank said it would invest in a new 10-storey corporate office in Phnom Penh, which was expected to be ready in two years. "The new corporate office will house the main Phnom Penh branch and other country operations of the bank and will be located in Norodom Boulevard, the main commercial street of Phnom Penh," it said. Meanwhile, Abdul Wahid said the incorporation marked a new era for the group. "The initiative is part of our broader strategy to further develop the operations in the country as well as strengthen regional footprint in line with Maybank's vision to become a regional financial services leader," he said. He said Maybank Cambodia has been growing at a healthy pace with assets and deposits doubling in the last four years since its branch expansion got under way. "It is currently ranked seventh in terms of assets among 33 banks operating in Cambodia. "Total assets rose from US$129 million in June 2007 to US$313 million in December 2011 while deposits increased from US$100 million to US$231 million and loans from US$30 million to US$168 million. "Revenue in June 2011, meanwhile stood at US$10.2 million from US$0.45 million in June 2007 while pre-tax profit for the same period rose to US$8.4 million from US$0.38 million. "In the recent six months to December 2011, revenue reached US$12.8 million while profit before tax was US$4.47 million," he said. Abdul Wahid said the local incorporation would also provide Maybank greater opportunities to expand its branch network in Cambodia. "We are optimistic about the growth prospects in Cambodia especially in the retail segment and our intention is to operate with an optimum number of branches in key commercial and populated areas by 2015," he said. Maybank, which first set up a branch in the country in 1993, has in the last three years aggressively expanded its operations to 11 branches currently. It has also developed an ATM network which is not only inter-linked within the country but also with key regional locations of Maybank such as Malaysia, Singapore, Brunei, Philippines and Papua New Guinea, through which cardholders enjoy local cash withdrawal facilities free. -- BERNAMA