Maybank to expand by 144 branches in Asean in 3 years

144 Asean branches in three years.

This is Maybank's target to corner a bigger market share in the region.

"It is important for us to complete our presence in Asean in facilitating trade and investment in the region as it moves towards the Asean Economic Community by 2015," said Maybank President and CEO Datuk Seri Abdul Wahid Omar.

He revealed that they will open four branches in Laos, 13 in Singapore, nine in Cambodia, 48 in the Philippines, and 70 in Indonesia.

This would increase the number of branches from one to five in Laos, from 22 to 35 in Singapore, from 11 to 20 in Cambodia, from 52 to 100 in the Philippines and from 380 to 450 in Indonesia.

Maybank enjoys a five percent market share in Singapore, three percent in Indonesia and one percent in the Philippines, and hopes to increase these figures in the next three years, said Abdul Wahid.

With the opening of the Laotian branch, Maybank has a physical presence in all 10 Asean countries including three branches in Brunei and two in Vietnam, although it has not gone into retail banking in Thailand and Myanmar yet.

In Thailand, Maybank has an investment bank, Maybank Kim Eng, with 45 branches, but only a representative office in Myanmar.

"We plan to set up our own branch in Thailand by 2014 and are still discussing with the Thai regulator on the matter. We also plan to convert our representative office into a full-fledged branch.

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