Maybank targets expansion beyond Singapore and Indonesia

Malaysian lender prepares for transforming itself to become top regional bank within 5 years.

Maybank Bhd’s (Maybank) strong performance in its recently-concluded financial year 2010 had prompted its aim towards becoming a top regional bank within the next five years.

Analysts generally agreed that the bank has regained its growth momentum after a lacklustre financing environment for the past two years.

Furthermore, president and chief executive officer Datuk Seri Abdul Wahid Omar in his latest statement pointed out the need for the bank to have a presence in all countries within the region apart from Indonesia and Singapore – namely Laos, Thailand and Myanmar.

This entailed the bank’s achievement in crossing the regional ‘thresholds’ of US$100 billion in total assets and US$1 billion in profit after tax.

For the year ended June 30, Maybank’s registered total assets amounted to RM336.7 billion ($106,89 billion) and net profit of RM3.818 billion ($1.21 billion).

Across other key matrixes, total revenue surged 22.4 per cent year-on-year to RM12.87 billion ($4.08 billion), while pre-tax profit jumped by more than three-fold to RM5.37 billion ($1.7 billion).

View the full story in the Borneo Post.