Maybank opens sixth Cambodian branch

PETALING JAYA: Malayan Banking Bhd’s (Maybank) newly opened sixth branch in Cambodia is expected to support its loans and deposits growth by 38% and 15% respectively in the current financial year ending June 2010.

Maybank Olympic Branch is located at the Olympic area, Phnom Penh’s largest business centre dominated by the city’s Olympic Stadium landmark.

Senior executive vice president and head of international Abdul Farid Alias said the branch would offer a range of business and retail facilities to cater to local as well as Malaysian and Singaporean businesses with interests in the country.

“The new branch will tap the growing opportunities in Cambodia. Deposits and total assets grew by 27% respectively 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. The branch will also support our four other branches located in the capital city,” he said in a statement yesterday.

“We remain committed to Cambodia and believe that our network expansion will contribute to the overall economic growth of the country,” he said, adding that Maybank was looking to add two more branches in Cambodia this financial year.