Malaysia-based Maybank has announced plans to open nine more branches in Cambodia by 2011
- From: Chim <ChimS1@xxxxxxx>
- Date: Sun, 30 Nov 2008 03:27:25 -0800 (PST)
Maybank says nine branches in the works
Written by Chun Sophal and Hor Hab
Friday, 28 November 2008
The expansion, to start in December, will boost banking sector
MALAYSIA-based Maybank has announced plans to open nine more branches
in Cambodia by 2011, despite a global credit crisis that is
threatening other lending institutions in the Kingdom.
Jubely Bin Pa, general manager of Maybank Cambodia, told the Post the
expansion will begin with a new Phnom Penh branch in December this
year. Two additional branches will open in Siem Reap and Sihanoukville
in 2009, he said.
"That is part of our ambition, to expand our business to be very
competitive and to provide the best services to our customers," Jubely
said. "We want to be the best competitor in this country."
He added that expanding during the global financial crisis was a good
opportunity to build the bank's credit base at a time when the cost of
growth was expected to be lower.
"The bank will spend US$1 million for this expansion plan," Jubely
Maybank began operations in Cambodia in 1993, with its first branch
opening in Phnom Penh. A second branch, in the capital's Teuk Thla
district, opened earlier this year.
The bank had total assets of more than US$83 million in 2006, Jubely
said, adding that this year's figures are not yet available.
Datuk Seri Abdul Wahid Omar, chief executive officer of Maybank in
Kuala Lumpur, said the latest expansion plans in Cambodia are part of
the bank's strategy to grow its international network in Southeast
In Channy, CEO and president of ACLEDA Bank, said Maybank's expansion
would make the banking sector in Cambodia stronger and more
"ACLEDA Bank wants to see more strong competitors because they will
help us to provide more and better services to customers," he said.
"I think only banking services competition can make us strong and
sustainable, because it is no longer practical in cost challenges," he
Phan Ho, deputy director general of the National Bank of Cambodia,
also said that the expansion will help develop the Cambodian economy.
"I think it is a big contribution to [the] economy if banking services
work well," said Phan Ho.
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