Maybank launches Myanmar ops

PETALING JAYA: Malayan Banking Bhd (Maybank) officially launched its Myanmar operations yesterday and aims to focus on transaction banking, corporate lending and treasury services as part of its objective to establish itself as a leading cross-border bank in the country.
Maybank International CEO Pollie Sim expects lending and transaction banking to be major contributors to the revenue of its Myanmar operations within the next five years.
She said lending will be driven mainly by working capital financing and transaction banking by Myanmar’s growing international trade and demand for cash management, especially as projects are completed and operationalised.
“We believe that Maybank’s success in Myanmar hinges on the growth of Myanmar’s financial sector. To this end, we have been playing a significant role in supporting the development of the country’s financial services industry ever since we began operating as a representative office here in 1994,” she said.
“Our focus will be on supporting wholesale and corporate clients as well as domestic banks in Myanmar with services such as deposit accounts, working capital financing, transaction banking, cash management, treasury and capital market solutions,” Sim said.
Maybank will also leverage on its expertise in financing of power, utilities, oil and gas as well as the telecommunications sectors, which are also priority growth areas for Myanmar, she added.
The Maybank Yangon branch, has a registered capital of US$75 million (RM328.5 million).