Logo of Phnom Penh Post newspaper Phnom Penh Post - Malaysian Maybank expands to outskirts

Malaysian Maybank expands to outskirts

Malaysian Maybank expands to outskirts

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]

MOST VIEWED

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman