Malaysia-based Maybank is focusing on a handful of key markets for its regional expansion, including Cambodia, according to a high-ranking officer.
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The bank aims to bring the latest banking and finance technology to these ‘focus markets’ to build competitiveness, Maybank Group CEO for international business Michael Foong told StarBiz, a Malaysian media outlet.
“Our focus will be on growing our franchises in Greater China, the Philippines and Cambodia,” he said. “There is especially huge potential in Greater China in view of the investment and trade flows between China and Asean, as well as those from Asean to China.”
Mr Foong said Maybank will bring its advanced mobile banking app technology to Cambodia and the Philippines.
He also said the bank plans to forge closer collaboration between its teams abroad and the head office in Malaysia through an automated platform for loan approvals.
Mr Foong highlighted Cambodia’s robust economic growth in recent years and the many opportunities the country offers for growth.
“We are also one of the top foreign banks in Cambodia with 21 branches and have a strong small and medium enterprise (SME) business that is growing sustainably, to help us ride the competition,” Mr Foong said.
Maybank’s international business (including Singapore and Indonesia) currently contributes about 35 percent of Maybank Group’s revenue.
Mr Foong said that the group is targeting a contribution of about 10 to 12 percent in revenue and 12 to 13 percent in pre-tax profit from its international business (excluding Singapore and Indonesia) over the next three to four years.
Maybank, has seen steady and solid success in Cambodia since it entered the country in 1993. Maybank has been registering double-digit growth in profits over the preceding years and expects to register double-digit growth again this financial year.
Maybank still expects to be able to register 12-15 percent growth next year despite the World Bank’s lower forecast GDP of 6.5 percent. The bank aims to be a leading foreign retail bank in Cambodia in the next five years.
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