Maybank

Manila - Maybank, South East Asia's fourth largest bank by assets, has announced that it is injecting US$100 million in fresh capital into its Philippine unit as it seeks to accelerate its growth in the country.

Speaking at a news conference held in conjunction with the inauguration of Maybank's new corporate head office in Bonifacio Global City in Taguig, Maybank President and CEO Dato' Sri Abdul Wahid Omar stated that the additional capital injection is aimed at strengthening its local franchise to support the booming economic growth and increased trade and investment flows within ASEAN.

"The Philippines is another vibrant regional economy and has recorded robust GDP growth of 6.5 % in the first nine months of 2012," he said. "Given the sustained pace of expansion expected in the next few years, with GDP growth for 2013 alone estimated at 6 to 7%, we see substantial demand for financial services that Maybank and our investment banking and stock broking subsidiary, Maybank ATR Kim Eng, can meet in the country."

Maybank has been operating in the Philippines via Maybank Philippines Inc. (MPI) since 1997 and over the years, it has strengthened its operations by streamlining its network, building its IT and systems infrastructure as well as up-skilling its human resource capabilities.

"The addition of ATR Kim Eng into our network following the acquisition of Kim Eng Holdings in 2011 enabled us to further expand our presence and product offering in the country," he explained. "Coupled with our entrenched regional footprint and capabilities, our clients in the Philippines have the benefit of a well-diversified financial services group to tap into for their continued growth."

"Furthermore, as our regional operations become increasingly inter-woven, we are confident that we can mine opportunities in numerous segments, such as electronic payments, cash management, remittances, investment banking, consumer banking and wealth management, where we have the expertise and experience."

Dato' Sri Wahid added that Maybank intends to leverage on the growing window of opportunity in the Philippines to strengthen its franchise over the next few years. "Our intention is to double our network to 100 branches by 2014 and thereafter to 200 branches by 2016," he said.

MPI currently has 55 branches located in key economic growth areas throughout the country. Its capital currently stands at US$143million from US$40 million in 1997. Total assets of MPI have grown almost 9 times from US$141million to US$1.2 billion in this period, while loans have expanded from US$44million to US$766 million. MPI's profit before tax for 2012 reached US$20 million from US$12 million a year earlier and US$5 million in 2010. It is the 24th largest bank by assets in the Philippines.