Maybank opens fourth branch in Cambodia

Businese Time

MAYBANK (1155) yesterday opened its fourth branch in Cambodia, located in the city centre on Tep Von Street, Siem Reap City.

The branch will offer full banking facilities and services including deposits, mortgage financing, trade financing, deposit, remittance services as well as foreign exchange services. It also offers ATM facilities which are linked to the Maybank ATM network in Phnom Penh.

In a statement, Maybank head of international, Abdul Farid Alias, said the branch in a provincial location of Cambodia is part of the bank's strategy to tap on the growth potential of the region as well as to support the development of the business and tourism sectors there.

"Siem Reap is one the fastest growing towns in Cambodia and has the advantage of being the gateway to the famous Angkor Wat as well as many other ancient temples. The tourism industry has tremendous potential given the presence of many tourist facilities, namely hotels and businesses. Our branch will be able to serve the needs of the local businesses as well as Malaysian and Singaporean companies which have business activities in the region as well as the country," he said.

Siem Reap Province has a population of one million and Siem Reap is the second largest city in Cambodia. An estimated 70 per cent of its population consisting both local and foreigners live in Siem Reap City itself.

"We plan to open four more branches in Cambodia by the end of the next financial year subject to approval from the authorities," added Abdul Farid.

Its international network currently has over 400 offices in 13 countries, in addition to 384 branches in Malaysia as well as associates in Pakistan (MCB Bank) and Vietnam (An Binh Bank).

Maybank first established its presence in Cambodia in 1993 and has three other offices in the capital city Phnom Penh.

"Maybank Cambodia registered a 22.37 per cent growth in revenue for the 11 months of our current financial year compared to the previous corresponding period. Total loans to various sectors of the economy as at May 2009 grew 64.25 per cent over the previous period," Abdul Farid said, adding that the top three sectors it provides financial support to are telecommunications, manufacturing and general commerce.