Maybank Cambodia eyes early turnaround for 7th branch

Maybank is targeting a turnaround in the second year of operation for its new Toul Kork branch.

"The branch will meet the banking needs of the community in the vicinity," said Abdul Farid Alias, Head, International, Maybank.

The Toul Kork district consists of affluent residences, government ministries, universities and commercial businesses.

The seventh of its network in Cambodia, Maybank Toul Kork will provide retail and commercial banking services, namely deposit and placement, trade finance, remittances, foreign exchange and mortgage as well as an automated teller machine.

The opening of the branch was officiated by Kim Vada, the Deputy Director General of Supervision Department, National Bank of Cambodia. Also present were Abdul Rahim bin Hashim, First Secretary of Embassy of Malaysia, Cambodia as well as Maybank Cambodia's Country Manager Jubely Pa.

"This latest branch completes the four new branches we planned to open this year. We are pleased to be able to expand our network to provide to the growing community in the capital city including the local as well as Malaysian and Singaporean companies with operations in Cambodia," added Abdul Farid.

Abdul Farid also said that with the seven branches in Cambodia and the improving economic conditions in the country as well as the region, Maybank remains optimistic of the growth prospects of Cambodia. "We are planning to open one more branch by the end of this financial year ending 30 June 2010."

The latest branch expands Maybank's international network to over 1,750 offices  located in Indonesia, the Philippines, Singapore, Cambodia, Brunei, Vietnam, China, Hong Kong, Bahrain, Pakistan, Papua New Guinea and Uzbekistan as well as financial centres in New York and London.