Abdul Farid Alias (L) cut the ribbon with the Deputy Governor of National Bank of Cambodia, Mrs. Ouk Maly.The Business Times
Malaysia
Malayan Banking Bhd (Maybank) has opened a new branch at Stung Meanchey, in Phnom Penh, to expand its network in Cambodia to 11.
Its Deputy President and Head of Global Wholesale Banking, Abdul Farid Alias said the opening of the Stung Meanchey branch, was timed to capture the medium and long-term growth in the country.
"Cambodia's economy is poised for a more than six per cent growth next year.
"The demand for financial sector products as well as services, has been increasing in the last few years, and is expected to continue in tandem with this economic growth," he said in a statement here today.
Abdul Farid added that Maybank will open at least one more branch in Cambodia to further expand its network in 2012.
Over the 12 months to October 2011, Abdul Farid noted that Maybank Cambodia had registered a 75.2 per cent growth in loans and advances, with four per cent growth for customer deposits.
Maybank is also pursuing a key initiative of applying for a local incorporation licence from the National Bank of Cambodia.
This is to reflect Maybank's long-term commitment to that country and its standing as a regional bank.
Meanwhile, the new branch provides a full range of banking services, including trade finance, global automated teller machines (ATM) and loans to meet the financial and banking requirements of new and existing customers. - Bernama
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Maybank opens 11th branch in Cambodia
By: Sarath
PHNOM PENH, December 27, 2011 (Cambodia Herald), Malayan Banking Bhd (Maybank) announced Tuesday the opening of a new branch at Stung Meanchey that expands its Cambodia network to 11 branches.
In a statement, Malaysia's biggest bank said Stung Meanchey was expected to experience "a significant increase in commercial activity in the future" under the country’s city development strategy and master plan.
“Cambodia’s economy is poised for more than six percent growth next year and demand for financial sector products as well as services have been increasing in the last few years and expected to continue in tandem with this economic growth,” said Abdul Farid Alias, deputy president and head of global wholesale banking.
“The new branch is part of our continued long term commitment to expand our reach in Cambodia and play a significant role in developing the local financial services industry,” he said. “Maybank remains optimistic of the long term prospects of Cambodia and sees this market as another key location within our international network.”
The new branch was opened by National Bank of Cambodia Deputy Governor Ouk Maly at a ceremony attended by Chea Serey, the central bank's deputy director general of banking supervision, along with Malaysian Embassy Counsellor Khairin Nazry Karim, Maybank Country Head Jubely Pa and Lee Tien Poh, the bank's head of international strategy and operations, the statement said.
Abdul Farid said Maybank would further expand its network in 2012 with the addition of at least one more branch in Cambodia. In the 12 months to October, he said, Maybank's loans and advances in Cambodia jumped 75.2 percent while deposits were up about four percent.
“The expansion of our network in Cambodia is critical to complement our footprint in the region in line with Maybank’s vision to be a regional financial services leader as well as to build our capacity to serve the expanded needs of customers,” he said.
Abdul Farid also announced plans to apply for a local incorporation license from the National Bank of Cambodia.“This will provide us with the opportunity to expand in tandem with the market. It will also provide us the structure and assurance to further grow our business in Cambodia,” he said.
Maybank's other branches in Phnom Penh are in Kramoun Sar, Teukthla, Mao Tse Toung, Chbar Ampov, Olympic, Toul Kork. The bank also has branches in Siem Reap, Sihanoukville, Battambang and Kompong Cham.
Its Deputy President and Head of Global Wholesale Banking, Abdul Farid Alias said the opening of the Stung Meanchey branch, was timed to capture the medium and long-term growth in the country.
"Cambodia's economy is poised for a more than six per cent growth next year.
"The demand for financial sector products as well as services, has been increasing in the last few years, and is expected to continue in tandem with this economic growth," he said in a statement here today.
Abdul Farid added that Maybank will open at least one more branch in Cambodia to further expand its network in 2012.
Over the 12 months to October 2011, Abdul Farid noted that Maybank Cambodia had registered a 75.2 per cent growth in loans and advances, with four per cent growth for customer deposits.
Maybank is also pursuing a key initiative of applying for a local incorporation licence from the National Bank of Cambodia.
This is to reflect Maybank's long-term commitment to that country and its standing as a regional bank.
Meanwhile, the new branch provides a full range of banking services, including trade finance, global automated teller machines (ATM) and loans to meet the financial and banking requirements of new and existing customers. - Bernama
------------------------------------
Maybank opens 11th branch in Cambodia
By: Sarath
PHNOM PENH, December 27, 2011 (Cambodia Herald), Malayan Banking Bhd (Maybank) announced Tuesday the opening of a new branch at Stung Meanchey that expands its Cambodia network to 11 branches.
In a statement, Malaysia's biggest bank said Stung Meanchey was expected to experience "a significant increase in commercial activity in the future" under the country’s city development strategy and master plan.
“Cambodia’s economy is poised for more than six percent growth next year and demand for financial sector products as well as services have been increasing in the last few years and expected to continue in tandem with this economic growth,” said Abdul Farid Alias, deputy president and head of global wholesale banking.
“The new branch is part of our continued long term commitment to expand our reach in Cambodia and play a significant role in developing the local financial services industry,” he said. “Maybank remains optimistic of the long term prospects of Cambodia and sees this market as another key location within our international network.”
The new branch was opened by National Bank of Cambodia Deputy Governor Ouk Maly at a ceremony attended by Chea Serey, the central bank's deputy director general of banking supervision, along with Malaysian Embassy Counsellor Khairin Nazry Karim, Maybank Country Head Jubely Pa and Lee Tien Poh, the bank's head of international strategy and operations, the statement said.
Abdul Farid said Maybank would further expand its network in 2012 with the addition of at least one more branch in Cambodia. In the 12 months to October, he said, Maybank's loans and advances in Cambodia jumped 75.2 percent while deposits were up about four percent.
“The expansion of our network in Cambodia is critical to complement our footprint in the region in line with Maybank’s vision to be a regional financial services leader as well as to build our capacity to serve the expanded needs of customers,” he said.
Abdul Farid also announced plans to apply for a local incorporation license from the National Bank of Cambodia.“This will provide us with the opportunity to expand in tandem with the market. It will also provide us the structure and assurance to further grow our business in Cambodia,” he said.
Maybank's other branches in Phnom Penh are in Kramoun Sar, Teukthla, Mao Tse Toung, Chbar Ampov, Olympic, Toul Kork. The bank also has branches in Siem Reap, Sihanoukville, Battambang and Kompong Cham.
2 comments:
Does anyone know how many banks are operating in the Kingdom? Also, what's the total number of branches combined?
According to last week's article by Phnom Penh Post, there are now 33 banks in Cambodia, but don't know how many branches in total.
Check out here!
http://www.phnompenhpost.com/index.php/2011122153522/Business/bank-no-33-sets-up-shop.html
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