Malaysian-owned Maybank, one of the largest banks in Cambodia, opened its 12th national branch in Phnom Penh on Friday.

The bank aims to reach emerging businesses in the city’s Special Economic Zone (PPSEZ) with the new office.

“We intend to serve companies located in the PPSEZ that require transactional banking services,” Maybank Cambodia CEO Lee Tien Poh said.  

“We noticed a growing demand for such services, given the presence of enterprises dealing with the import of raw materials and the export of finished goods.”

Ouk Maly, deputy governor of the National Bank of Cambodia, said the new branch would also strengthen Maybank's ability to increase its income, as it would attract more savings-account customers.

“Even though the banking sector in Cambodia has developed and grown noticeably, the National Bank of Cambodia still reinforces its stability and strength,” she said.

Ouk Maly said that in May, loan demands from the national banking industry had surged by 31.78 per cent compared with May last year.

She said 1.6 million people had received bank loans, and the number of people with savings accounts had increased by 27.67 per cent to 1.9 million. Maybank’s total assets had increased by 61.34 per cent to almost $350 million.

Between now and late 2014, Maybank wants to open 10 additional branches, according to Maly.

To contact the reporter on this story: May Kunmakara at [email protected]