Maybank may bid for Al Amanah Islamic Bank of the Philippines, who is looking to sell a 49% to 100% stake.
According to Philippine newspaper reports, Maybank announced that it is keeping its options open for the bid.
Al Amanah Islamic Bank is the Philippines' only Islamic commercial bank.
According to Maybank, its Islamic banking operations will focus on delivering innovative and globally accepted products and services that will differentiate it from other Islamic financial institutions.
Already operating a commercial bank in the Philippines, Maybank said that it wanted to expand further in the Asean region while strengthening its hold in the Asia-Pacific region.
“Riding on Maybank Group’s strong presence across Asean, including in the Philippines, and in line with Maybank Islamic’s
aspirations to further entrench our regional footprint, we are always open to opportunities in new markets,” said Maybank.
“We aim to grow our Islamic business in markets like Indonesia and Singapore as part of our focus on the Asean region," it added.
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