Maybank identifies four new areas to boost US operations

by **Cals** Thu 07 Nov 2013, 14:12

Business & Markets 2013

Written by Bernama

Thursday, 07 November 2013 12:31

KUALA LUMPUR (Nov 7): Malayan Banking Bhd (Maybank) has identified at least four new areas to expand into, as part of the strategy to boost its operations in the United States (US).
They are, transaction banking, asset management, fixed income distribution as well as Islamic banking, it said in a statement today.
Maybank currently has a wholesale branch in New York as well as a broking presence via Maybank Kim Eng.
Maybank President and Chief Executive Officer Datuk Abdul Farid Alias said the Group intends to leverage on the expected pick-up in the US economy which will provide greater opportunities in the coming years.
He said this at the recent launch of Maybank New York’s newly relocated branch premises.
The event was officiated by Minister in the Prime Minister’s Department, Datuk Seri Abdul Wahid Omar, in conjunction with the Invest Malaysia United States held in New York.
Abdul Farid said the relocation of Maybank New York into larger premises reflected the growing business potential as well as its long-term commitment to the US operations.
"It demonstrates to our clients here and around the world that we have enhanced our capabilities and resources to serve them better in New York.
"Midtown New York is the financial centre of Manhattan and we have every intention to strengthen our US capabilities for the future," he added.
He said New York is key to Maybank Group’s ambition to be a regional universal bank offering distribution and access to US dollar investors.
"We believe we have a unique value proposition as we can connect and serve clients from both sides of the Pacific to meet their global needs seamlessly.
"The expanded Maybank New York operations will not only equip us to better serve customers, it will afford us greater resources to tap on for future growth.
"Our aim is for Maybank to become a leading Asean bank in the Americas," he added.
Abdul Farid said Maybank’s acquisition of Kim Eng Securities in 2011 enabled the Group to further expand its network and capabilities in the US.
"Overnight, we could provide clients with broking services, and extended our reach further in New York as well as San Francisco, where Kim Eng has offices," he added.
Maybank New York commenced operations in 1984 with 20 employees and assets of US$100 million. Over the years, it has expanded its operations and now has a staff strength of 32 employees with assets of close to US$1 billion.
Including Maybank Kim Eng, the Maybank Group has today some 50 employees in the US.
"We are proud to say that Maybank remains the sole Malaysian bank in New York and one of the only three Asean banks to have a branch licence here. "Through Maybank Kim Eng, we are also able to offer clients a more complete set of financial services driven by solutions.
"This is especially for clients with US trade and investment interests, as well as those in the country who want to leverage on our Asian network, which includes a very extensive presence in all 10 Asean countries," said Abdul Farid.
He said as the US economy gained traction, it will create opportunities for the Group to explore new drivers of growth and revenue, especially in transaction banking, asset management, Islamic banking and fixed income distribution, including sukuk.
"By capitalising on our network and core strengths in Islamic banking, we will harness opportunities through better synergy between the broking and banking arms in the US," he added.