ASEAN KEY DESTINATIONS
Maybank plans to be leading banker between Asean and China
He said Maybank, Malaysia's largest financial services group, had put in place a strong cross-border wholesale banking business platform in the region which had contributed to a significant growth in profits for the bank over the years.
“If you look at our financial report in the first half of the year, as of June 30, our branches in the Greater China Region contributed US$37 million (113 million ringgit), which was 3 per cent of the bank’s total before-tax profit.
“Obviously, we expect them to continue to contribute but at the same time, we also expect others to do well, especially with our expansion in the Philippines. It’s not our intention to make this region our largest profit contributor or surpass Singapore and Indonesia,” he said at a press conference held here yesterday in conjunction with the opening of Maybank’s Beijing branch.
Maybank’s foray into this region began with the opening of its Hong Kong branch in 1962. Thirty-one years later, the bank opened its representative office in Beijing and followed by a branch in Shanghai which was then granted a renminbi banking licence in 2003.
In May, China Banking Regulatory Commission granted Maybank a licence to operate a branch in the Chinese capital, mainly focusing on banking services denominated in US dollars. The Beijing branch has a paid up capital of 200 million yuan ($31.84 million).
Maybank deputy president and global wholesale banking head Abdul Farid Alias said the bank in Malaysia and its Shanghai branch started its cross-border renminbi trade settlement services in June last year.
are certainly very excited to facilitate trade transactions in the form
of renminbi. We have done a few transactions in Malaysia and Shanghai.
Farid said through Maybank all companies in China and Malaysia could
settle their trade in renminbi instead of a third-party currency and
corporate clients at its Shanghai branch could also open a ringgit
account for better cross-border trade.
with the People’s Bank of China and Bank Negara [Malaysian central
bank], we are going around Malaysia to inform companies that it is
allowed by the regulators to settle their trade transactions in renminbi
and it is cheaper that way as well.
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