Maybank Opens Second Branch In Cambodia

KUALA LUMPUR, March 18 (Bernama) -- Malayan Banking Bhd (Maybank) has opened a second branch in Cambodia as part of its strategy to grow its international network as well as to make inroads into the domestic markets where Maybank is present, a statement from the bank said here today.Located in Teukthla, Phnom Penh, the branch will add to the bank's main branch in Phnom Penh, opened in December 1993.Maybank senior executive vice president and head of International Business, Lim Hong Tat said, "The new branch will enable the bank to play a bigger role in the Cambodian financial services sector which offers exciting potential as well as to better support its international customers."Our second branch in Cambodia will give us better reach and enable us to tap further into the consumer market.""This is the line with the banks objective to expand our consumer franchise beyond Singapore and the Philippines, where we have a strong presence and we would soon be rolling-out automobile financing products in Vietnam through our branches in Hanoi and Ho Chi Minh City."The second branch also will enable us to support our customers from Malaysia, Singapore and other regional locations who have trade and investment links with Cambodia.""We are very positive about the Cambodian economy and are planning to open another four branches in the next two years," said Tat.The bank has seen strong growth in its Cambodian operations, chalking up significant growth in loans and deposits.It started offering housing loans in January this year.