Maybank’s Singapore unit gets full licence for CFS biz

by NG MIN SHEN / TMR file pix

MALAYAN Banking Bhd (Maybank) has received the approval from the Monetary Authority of Singapore (MAS) to locally incorporate its community financial services (CFS) business in Singapore.

South-East Asia’s fourth-largest lender told Bursa Malaysia yesterday that MAS had on Oct 3, 2018, issued a full banking licence with qualifying full bank privileges to its wholly owned subsidiary, Maybank Singapore Ltd (MSL).

Maybank group president and CEO Datuk Abdul Farid Alias (picture) said the local incorporation of the lender, which has been operating since 1960, signifies a further deepening of its commitment to customers and communities in Singapore.

“It is also part of Maybank’s overall strategy to accelerate our growth plans and business presence in the republic.

“As one of the largest banks in South-East Asia with a footprint in all 10 Asean countries, we value Singapore as one of our three home markets, and remain committed to its longterm economic growth and prosperity,” he said in a statement yesterday.

Following approval from the Singapore High Court, Maybank’s Singapore operations will transfer its CFS business via a scheme of transfer to MSL with effect from Nov 5, 2018.

The CFS business comprises retail (personal banking, privilege wealth, premier wealth), private wealth, SME (small and medium enterprise) retail, SME banking and commercial banking segments.

MSL will operate as a subsidiary of the Maybank group with Asian currency unit capabilities in Singapore.

The same quality of products and services will be provided to customers of MSL, which will also have access to banking services at 27 service locations — including 20 retail branches — at various sites across Singapore, as well as over 3,800 ATMs across the entire Maybank network.

“Maybank will, however, continue to operate its corporate and institutional business through its global banking business (eg loans/financing, trade financing, deposits, company’s operating accounts, remittances, global markets) separately for corporate customers,” the group said.

MSL, which was incorporated in Singapore on Feb 2, 2018, is fully owned by Cekap Mentari Bhd, which is in turn wholly held by Maybank.

Maybank closed at RM9.70 yesterday, valuing the lender at RM106 billion.