Maybank today opened its Ho
Chi Minh City branch, the second branch in Vietnam in addition
to the existing one in Hanoi.
The Ho Chi Minh City office was previously operating
as a representative office since 1996. The first Maybank branch
in Vietnam was opened in 1995 in Hanoi.
In announcing this new addition to the Maybank
global network, Maybank President & Chief Executive Officer,
Datuk Amirsham A Aziz thanked the State Bank of Vietnam for granting
Maybank the license earlier this year to open a second branch
in country.
"With this approval Maybank will be able
to play a much greater supportive role in respect of financing
the growth of the various sectors in Vietnam. The elevation of
our Ho Chi Minh City representative office to a bank branch will
enable Maybank to expand the convenience as well as enhance the
range of financial products and services to all our customers
whether in Vietnam or elsewhere in the region, who may have businesses
and investments in Ho Chi Minh City and the southern part of Vietnam,"
said Datuk Amirsham.
"The additional branch in Vietnam will
strengthen the bank? presence and will enable us to grow our business
in a country which the government has targeted growth for 8.5%
in 2005*," added Datuk Amirsham.
Datuk Amirsham said that the branch at Ho Chi
Minh City is also a testimony to the progress and potential of
the Vietnamese economy as well as Maybank? commitment to play
its part in the growth of Vietnam.
This was especially evident from the growth
in outstanding loans of Maybank? Vietnam operations, which rose
38% for FY04/05 from the previous year. Since 1995, the bank has
been actively involved in financing infrastructure projects of
national importance to the Vietnamese economy, namely in communication
and information services, construction of water treatment and
petrochemical plants, development of industrial zones and setting
up of steel and flour mills.
The Ho Chi Minh City branch will focus on supporting
the trading, oil and gas, agriculture and tourism sectors in the
area. It will provide facilities such as Term Loan and Overdraft,
Project Financing, Enterprise Accounts, Trade Financing and Advisory
Services as well as Treasury and Foreign Exchange. The branch
also intends to later introduce Foreign Worker Telegraphic Transfer
scheme to allow Vietnamese workers abroad to remit money home.
Customers will also be able to leverage on Maybank? strong relationship
with Malaysian trade centres and other Maybank overseas branches
for their trade-related activities.
The additional branch in Vietnam expands Maybank?
international network which now comprises 79 branches and one
representative office in 11 countries in addition to 352 branches
in Malaysia. The Maybank Group has the largest international network
of a Malaysian financial services group.
Maybank? global network now includes the Philippines
(45 branches), Singapore (22 branches), Brunei (3 branches), Papua
New Guinea (2 branches), People? Republic of China (1 branch &
1 Representative Office), Hong Kong SAR, Indonesia, Cambodia,
United States of America, United Kingdom and Bahrain (1 branch
each).
* Source: Asian Development Outlook 2005, Asian
Development Bank
