Maybank has been granted approval from the Monetary Authority of Singapore (MAS) to locally incorporate its community financial services business in Singapore. MAS has issued a full banking licence with Qualifying Full Bank privileges to Maybank Singapore Limited (MSL).
Depending on the approval from the Singapore High Court, Maybank Singapore operations will transfer its CFS business, including retail (personal banking, privilege wealth, premier wealth), private wealth, Retail, Small Medium Enterprises (RSME) banking, and commercial banking business through a transfer scheme to MSL from 5 November.
Datuk Abdul Farid Alias, President and CEO of Malayan Banking Group, said: “We have been doing business in Singapore since 1960, starting with retail banking and developing over the years into a universal bank. In addition, we have established a Malayan Bank Singapore Limited. The company shows that the Bank further deepens our service commitment to Singapore retail banking customers and communities, which is in line with the Bank’s strategy to accelerate its growth in Singapore. The Malayan Bank Group, one of the largest banks in Southeast Asia, has a footprint of 10 ASEAN countries. Country. We see Singapore as one of the three core markets and continue to focus on its long-term economic growth and prosperity.”
Customers of MSL access the same quality of products and services. They can also use banking services at 27 service locations, including 20 retail branches, situated at various locations across Singapore as well as over 3,800 ATMs across the entire Maybank Group network.
Meanwhile, corporate customers will continue to be worked on a separate basis from Maybank’s Global banking business which includes loans/financing, trade financing, deposits, company’s operating accounts, remittances, and global markets.
