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Malaysia's Maybank looks to Thailand
Publication Date : 24-04-2012
Maybank, the largest bank in Malaysia, expects to tap into Thailand's banking sector by 2015, which is in line with its target to become a regional leader in the financial sector in three years.
"We are hopeful [of entering the Thai banking business] either in an organic way, by having a bank branch in Thailand, or through inorganic means" by 2015, president and chief executive officer Abdul Wahid Omar said.
Currently, Maybank is ranked the fourth-largest in Southeast Asia after DBS Bank, United Overseas Bank and OCBC Bank in terms of total assets. At the end of last year, Maybank's assets stood at US$143 billion.
"We are waiting for the right option. Over the past three years, we have been shown a number of options," he said, noting that those options had not suited Maybank.
The bank is waiting for approval of its application to open a branch in Laos and already has a representative office in Myanmar.
Its focus at present is to strengthen its subsidiary Maybank Kim Eng Securities (Thailand) and post-merger integration is underway.
"We focus not only on revenue synergy, but also cost synergy," said Zafrul Aziz, CEO of Maybank Kim Eng's investment banking group.
This year, Maybank Kim Eng (Thailand) is hoping to boost its revenue by more than 10 per cent from 2011 after gaining support from its parent Maybank's network in 17 countries.
"We aim to earn higher profits and revenue this year," Maybank KE Thailand CEO Montree Sornpaisarn said.
The brokerage house expects to be prepared for the Asean Economic Community before it kicks off in 2015, said Boonporn Boriboonsongsilp, CEO of retail business development for Maybank KE Thailand.
"The AEC will accelerate trade and investment in the region, giving investors more choices in Asean countries. Brokerage houses will compete more. We are experienced in the country and will employ strategies in quality execution, technology and research services to compete," she said.