Maybank Fully Committed To Singapore Operations

KUALA LUMPUR, June 30 (Bernama) -- Maybank (Malayan Banking Bhd) is fully committed to its operations in Singapore, says President and Chief Executive Officer, Abdul Wahid Omar. "Currently, we have 22 branches in Singapore which is about five per cent of the Singapore market," he told reporters after Maybank Overseas Scholarship Award Ceremony on Friday. The bank is also seeking clarification regarding the terms set by the Monetary Authority of Singapore (MAS) for foreign banks that fall under the Qualifying Full Bank (QFB) programme to establish a local subsidiary for retail operations. It was reported that Maybank was one of the eight foreign banks with QFB status or with greater branching privileges than other foreign banks. Under the QFB requirements, financial institutions with QFB status, may have to set up locally incorporated units and meet the republic's stringent capital requirements. Abdul Wahid said the bank was supportive of developing local small-and-medium scale enterprises into large corporations in Singapore. On overseas scholarships awards, Abdul Wahid said Maybank was committed to educational excellence and nurturing talents. "Our recognition last year as the number one preferred employer and number one employer of choice in the financial services sector, by some of the bright minds and graduates in Malaysia and the region, is resultant of the hard work and constant attention we place to nurture the right organisation culture for our people to thrive in," he said. Twenty-two students were awarded overseas scholarships, worth RM13.2 million (US$4.16 million), by Maybank, Malaysia's largest bank and financial group, to purse their education at 36 selected foreign universities. -- BERNAMA