Maybank seeks approval for Indonesian listing

Lender eager to expand visibility in Jakarta and add branches in other Asian countries.

Malayan Banking Bhd (Maybank) is exploring the possibility of having a dual listing in Indonesia but says it needs regulations for such a listing of foreign companies to be allowed in Jakarta before proceeding.

The banking group is also expanding its branch network overseas, where it plans to open more branches in China, Cambodia and the Philippines.

"The focus of Maybank will be organic growth,'' said president and CEO Datuk Seri Abdul Wahid Omar at the company's EGM in Kuala Lumpur.

Wahid said there were several advantages of having a listing in Jakarta's IDX and one of them was to create better visibility for Maybank there.

Wahid said Maybank would be adding three more branches to its current eight in Cambodia.

It will also be converting its representative office in Beijing to a branch and looking to open two more branches in Chengdu and Shenyang in China.

View the full story in The Star.