Maybank to expand operations

Maybank to expand operations

KUALA LUMPUR (DPA): Malaysia's biggest commercial bank, Malayan Banking Berhad (Maybank), will expand its lucrative overseas operations to focus on China and Middle East markets, a news report said Tuesday.

Top bank officials said the bank aims to upgrade its Beijing representative office to a full branch office within the next two years, and to open operations in China's central region, the Star daily reported.

Maybank recently opened a branch at the Pudong financial district in Shanghai, which is expected to perform well.

For the Middle East sector, Maybank has applied for a license in Bahrain to run Islamic-style financing for capital markets.

Maybank has 355 branches throughout Malaysia and operations in the Philippines, Singapore, Brunei, Papua New Guinea, the U.S., Britain, Indonesia, Cambodia, Vietnam, Myanmar (Burma) and Uzbekistan.

Muhammed said Maybank was planning to open a third branch in Papua New Guinea, and was also eyeing opportunities in Indochina.