Maybank to expand in Laos

Malayan Banking Bhd (Maybank) has applied for a banking license in Laos, said President & Chief Executive Officer Datuk Seri Abdul Wahid Omar.

Abdul Wahid said the application was expected to be approved in 2012 with the first branch to be opened in the same year.

"We are planning to a open a branch in Laos," he said at a press conference at the launch of Maybank's refreshed corporate identity here Friday.

He said the bank also planned to operate a retail bank in Thailand.

"Hopefully, at the right time, we'll have the opportunity," he added.

Maybank's network currently includes over 2,100 offices in 17 countries where it has over 42,000 employees serving more than 21 million customers.

Meanwhile, Maybank Chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said a unit of MaybanVentures would launch a green project fund worth US$100 million in October to assist green projects in line with the government's call for financial institutions to provide financial support for green and innovative projects.

"If there are people out there who know how to promote innovative new industry, then we certainly will be able to provide the necessary financial support.

"We have for example, our Mayban Venture Fund which will invest in green energy. There are many projects that this fund is evaluating, which hopefully will be part of the government's agenda. So, anybody with nice new ideas, and if they need funding, we are ready to consider doing our bit for that," Megat Zaharuddin said.

He said the fund was not only for projects in Malaysia but across the region.

Bernama