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Maybank Cambodia eyes bigger slice of premier banking segment

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Maybank’s third Premier Wealth lounge was launched on Monday at its Tuol Kork branch. Photo supplied

Maybank Cambodia eyes bigger slice of premier banking segment

Maybank (Cambodia) Plc is ramping up its premier banking services by opening its third Premier Wealth lounge as the segment registered a strong growth last year.

The Malaysia-based bank last Monday opened its latest Premier Wealth lounge – which is aimed at promoting its innovative products and services, while better serving new customers – at its Tuol Kork branch in the capital.

“Premier banking is a key business portfolio for the bank as we have seen the segment growing exponentially. It registered healthy growth in assets under management [AUM], contributing 41 per cent of the total bank AUM on the back of a 16 per cent growth in the customer base last year. Maybank is also aiming to double that growth this year,” Maybank Cambodia CEO Mohd Hanif Saudi said in a press statement issued on Monday.

The other two Maybank Premier Wealth lounges are located in the bank’s head-quarters on the capital’s Norodom Boulevard and its Boeung Keng Kang branch.

Maybank Premier Wealth is a personalised service offering a suite of enhanced financial facilities for highly valued customers.

Established in 1993 and now with 21 branches, Maybank Cambodia offers a wide range of financial products and services in a competitive domestic banking sector that is home to nearly 40 commercial banks.

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Maybank Cambodia boasts 21 branches in the Kingdom. Photo supplied

Its banking services cater for the mass market, local small and medium-sized enterprises, and the commercial and corporate sectors.

The lender’s recent move is testament to the bank’s confidence in the Kingdom’s financial sector – despite the Covid-19 outbreak that has slowed business activities – and its long-term vision to capture a slice of the growing number of wealthy clients.

“While the world is operating in an environment challenged by the Covid-19 pandemic, we remain committed to continuously playing a role in contributing to Cambodia’s economy,” said Mohd Hanif.

The relocation and expansion of the Tuol Kork branch affirms Maybank’s assurances of there being no disruption to any of its services due to the Covid-19 outbreak.

The bank has put in place a sound business continuity plan to ensure the smooth functioning of its operations in the event of such incidents, while various precautionary measures will be in place at the new Tuol Kork branch, said the statement.

“Since the outbreak of Covid-19, the bank has taken the prescribed precautionary and hygiene measures across its operations to mitigate any health risks arising from the spread of the virus.

“We are also strongly urging our customers to avail of our various online banking facilities in light of the current situation, with an increased emphasis on keeping yourself and your community safe by avoiding crowded places and keeping to social distancing,” Mohd Hanif said.

Maybank currently offers the Maybank2u online banking and mobile app as well as the Maybank2e cash management solution to facilitate various banking transactions.

Content image - Phnom Penh Post
The lender’s move is testament to the bank’s confidence in the financial sector. Photo supplied

Content image - Phnom Penh Post
The Premier Wealth lounge will promote innovative products and services. Photo supplied

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