Laos, Thailand to boost Maybank's regional foothold

Maybank has applied for a banking licence in Laos and plans to expand retail banking in Thailand

Read more: Laos, Thailand to boost Maybank's regional foothold http://www.btimes.com.my/articles/maylog/Article/#ixzz1XkXRIcif

Kuala Lumpur: Malayan Banking Bhd (Maybank), which launched its refreshed logo yesterday, is implementing plans to become a regional player with the latest expansion in Laos and Thailand. Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said Maybank has applied for a banking licence in Laos and hopes to open the first branch next year. The country's largest banking group already has two branches in Vietnam and a 20 per cent stake in An Binh Bank. "We plan to expand retail banking in Thailand, but we are already the number one brokerage there via Kim Eng (Holdings Ltd)," he told a news conference after the launch of Maybank's new logo by Prime Minister Datuk Seri Najib Razak yesterday. Maybank's network currently includes over 2,100 offices in 17 countries where it has over 42,000 employees serving more than 21 million customers. On the collaboration with Japan's Mizuho Corporate Bank, Wahid said following the partnership deal signed in December last year, a Japanese desk headed by Mizuho executives was set up at Maybank. However, both parties have mutually agreed to terminate the Japanese desk and now the collaboration is based on a deal-to-deal basis. He said Mizuho is interested in a few Maybank Islamic products to be offered to its clients in Malaysia and Japan. On the new logo, Wahid said the investment is part of the bank's efforts to upgrade the physical infrastructure of the bank and its branches. "The incremental cost is marginal, about RM13 million," he said, adding that the bank will also embark on a media campaign across Southeast Asia to showcase Maybank as a regional banking group. He said the biggest signages of the new logo will be put up on Menara Maybank and Dataran Maybank in Kuala Lumpur, and Maybank Tower in Singapore.