Maybank is focused on its franchise expansion in Greater China, the Philippines and Cambodia, despite global macroeconomic conditions. The bank eyes Greater China for its expansion because of the investment and trade flows between China and Asean — and conversely, Asean and China.
The Malaysian bank is aiming to reinforce its international business presence through various initiatives, the media reported.
Maybank Group Chief Strategy Officer and CEO for international business Michael Foong, told StarBiz, “As the largest foreign bank in the Philippines with 74 branches, Maybank has a strong auto finance franchise and hopes to further grow this business as well as diversifying into other areas such as mortgages and personal loans while better serving the affluent customer segments.”
Maybank is one of the top foreign banks in Cambodia. The bank operates 21 branches in the country. Currently, Maybank’s international business in countries including Singapore and Indonesia contributes to 35 percent of group revenue. The group revenue and pre-tax profit from international markets account for 6.4 percent and 8.6 percent, excluding Singapore and Indonesia.
Last year, Greater China recorded more than a 40 percent growth in pre-tax profit and income increasing more than 10 percent for Maybank. This is mainly attributed to Maybank’s franchise growth in Hong Kong, Beijing, Shanghai, Shenzhen and Kunming.
Maybank’s Foong added that the Vietnam market is also growing with a pre-tax profit of more than 50 percent percent in the first half of the year. This is in addition to a 35 percent year-on-year growth for the entire year.