Despite the global economic downturn, Malayan Banking Bhd (Maybank), which was set up its first brand in Phnom Penh since 1993, opened its third brand located along Mao Tse Tuong Boulevard. According to the Bank’s statement on January 23, the new brand would support its overall operation by offering trade finance facilities such as letters of credit, bank guarantees, trust receipts, remittances and mortgage financing, including an ATM.
“We are pleased to open this third branch as part of our long term strategy to strengthen our presence in the region, while supporting the expanding Cambodian economy in which many foreign investors including Malaysian companies have their operations,” said Maybank’s president and chief executive officer, Dato’ Sri Abdul Wahid Omar, quoted by The Edge Daily.
“Our Cambodian operations have shown strong growth over the years with loans more than doubling in 2008 and trade financing growing by 10 percent,” said he, reported Bernama.
Maybank started its first operation in Cambodia since 1993. On March 2008, the Bank opened its second branch which is located along Russian Federation Boulevard in Teukthla in Phnom Penh.
“Maybank believes that Cambodia as a country will continue to grow with its political stability and an economy that is open to trade and investment,” reported The Edge Daily.
13 other countries in which Maybank is operating are Malaysia, Singapore, Indonesia, the Philippines, Vietnam, China, Papua New Guinea, Brunei, Pakistan, Bahrain, Uzbekistan, United Kingdom and the United States.