The Greater China operations of Malayan Banking Berhad or Maybank are now the third largest overseas contributor to the group’s pre-tax profit after Singapore and Indonesia.
That contribution is bound to rise with the opening yesterday of Maybank’s third branch in Greater China in Beijing.
“It has always been our aim to expand our network in China and the granting of a license for a branch in Beijing by the China Banking Regulatory Commission in May this year marked a milestone for Maybank,” said Abdul Wahid Omar, Maybank group president and CEO.
Maybank, Malaysia’s largest lender, has other Greater China branches in Shanghai and Hong Kong. Maybank plans to generate 40% of operating profit from overseas by 2015.
Maybank Beijing provides wholesale banking services denominated in foreign currencies primarily in U.S. dollars. It targets Malaysian and Southeast Asian clients with investments in China and profitable Chinese state enterprises with approvals to borrow in foreign currency.
During the first six months of the year, over a quarter of Maybank’s pre-tax income came from its overseas operations. Abdul Wahid said
Do you know more about this story? Contact us anonymously through this link.