In The Edge FD: Harvest Court's Chan emerges in Naim Indah
Groupon loss, weak sales clobber shares
UN's Ban says Arab League to revive Syria mission
Greek party leaders fail to sign off on bailout
In The Edge FD: AirAsia X eyes IPO in 2H
In The Edge FD: MMC-Gamuda JV to earn RM480m, assuming project cost RM8 bn
Categories
| Update Maybank opens 6th branch in Cambodia |
| Written by Joseph Chin | |||
| Monday, 19 October 2009 16:09 | |||
|
The bank expects the network expansion there to help boost its loans and deposits growth by 38% and 15%, respectively by FY 2010, according to a statement issued today. The Maybank Olympic branch in Phnom Penh's largest business centre would offer business and retail facilities for the locals as well as Malaysian and Singaporean businesses with interests in the country. Maybank senior executive vice-president and head of international operation Abdul Farid Alias said the organic expansion of its Cambodian operations was in line with the group's strategy to further strengthen its regional footprint. "Deposits and total assets grew by 27% each over the last three years and as the Cambodian economy gets back on a growth path, we are targeting our Olympic branch to contribute to earnings from its second year of operations," he said, adding that the branch would also support its four other branches located in the capital city. Abdul Farid said the bank was excited at prospects of its Cambodian operations in particular as well as its other international offices, given the improving economic outlook in the region. "We remain committed to Cambodia and believe that our network expansion will contribute to the overall economic growth of the country. In this regard, we are looking to add two more branches in Cambodia this financial year," he said. The new branch would provide facilities and services including savings and deposits, mortgages, trade finance, remittances and foreign exchange as well as automated teller machines facilities. Despite the global economic slowdown, the Cambodian government had recently said its foreign currency reserves rose by more than 20% since the end of 2008, according to Abdul Farid. The International Monetary Fund has forecast Cambodia's economy to grow at about 4.25% next year.
|
|||
|
|