Malaysia's Malayan Banking Bhd. is implementing initiatives to strengthen its international business presence, focusing on the growth of its franchises in Greater China, the Philippines and Cambodia, The Star reported Sept. 10, citing Michael Foong, the bank's chief strategy officer and CEO for international business.
The Greater China market has great potential due to investment and trade flows between China and ASEAN, Foong said. He added that the bank is also looking to bolster its strong auto finance franchise in the Philippines, as well as diversify into other areas in the country, such as mortgages and personal loans.
In regard to Cambodia, Foong said the lender has remained competitive on the back of its strong small and medium-sized enterprise business in the country, which is growing substantially.
Maybank will also bring its digital capabilities from Malaysia to these three focus markets, including its banking app technology, given its strong retail franchise in the markets, particularly Philippines and Cambodia, the CEO for international business said.
The Malaysian banking group is a targeting a contribution of about 10% to 12% in revenue and 12% to 13% in pretax profit from its international business, excluding Singapore and Indonesia, over the next three to four years, Foong added.
Currently, the company's international markets, excluding Singapore and Indonesia, account for about 6.4% of group revenue and 8.6% of its pretax profit, the publication reported.
