Maybank opens 9th branch in Cambodia

Bernama
21 Oct, 2010

Maybank has opened its ninth branch in Cambodia to expand customer reach and tap the growing economic potential in that country.

"We have been on an aggressive expansion trail in Cambodia with eight branches opened in the last two years and are targeting to open two more branches by end of 2011," said Maybank Head of Global Wholesale Banking Abdul Farid Alias.

Located in Sihanoukville, it is the third provincial Maybank branch outside Phnom Penh City, in addition to branches in Siem Reap and Battambang, the bank said in a statement today.

It said six other branches were all within Phnom Penh, namely Kramoun Sar, Teukthla, Mao Tse Toung, Olympic, Chbar Ampov and Toul Kork.

Abdul Farid said there was a pent up demand for financial services in Cambodia with its economy enjoying a rebound and diversifying from traditional industries such as textile production to tourism and oil exploration.

"Cambodia is expected to grow by over four per cent this year and we see good prospects for the country which continues to attract strong foreign investment.

"Maybank is here for the long-term and we remain committed to helping in the growth and development of the financial services sector in the country," he said.

Abdul Farid said the new branch was also part of Maybank’s strategic plans to expand its footprint in the Indo-China market in line with the bank's vision to become a regional financial services leader.

The branch adds to Maybank’s international network, which now spans over 1,750 offices in 14 countries, namely Indonesia, the Philippines, Singapore, Pakistan, Brunei, Vietnam, China, Hong Kong, New York, London, Bahrain, Labuan, Uzbekistan and Papua New Guinea.