Maybank Opens 11th Branch In Cambodia

KUALA LUMPUR, Dec 27 (Bernama) -- Malayan Banking Bhd (Maybank) has opened a new branch at Stung Meanchey, in Phnom Penh, to expand its network in Cambodia to 11. Its Deputy President and Head of Global Wholesale Banking, Abdul Farid Alias said the opening of the Stung Meanchey branch, was timed to capture the medium and long-term growth in the country. "Cambodia's economy is poised for a more than six per cent growth next year. "The demand for financial sector products as well as services, has been increasing in the last few years, and is expected to continue in tandem with this economic growth," he said in a statement here Tuesday. Abdul Farid added that Maybank will open at least one more branch in Cambodia to further expand its network in 2012. Over the 12 months to October 2011, Abdul Farid noted that Maybank Cambodia had registered a 75.2 per cent growth in loans and advances, with four per cent growth for customer deposits. Maybank is also pursuing a key initiative of applying for a local incorporation licence from the National Bank of Cambodia. This is to reflect Maybank's long-term commitment to that country and its standing as a regional bank. Meanwhile, the new branch provides a full range of banking services, including trade finance, global automated teller machines (ATM) and loans to meet the financial and banking requirements of new and existing customers. -- BERNAMA