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Maybank

By: EconomyWatch Content Date: 30 October 2009

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Maybank is Malaysia’s largest financial services group, founded in May 1960. Leveraging on its market capitalization of more than RM30 billion (April 2009), the bank occupies the second rank in Bursa Malaysia, the nation’s stock exchange. Maybank has a network of 374 branches in Malaysia and 90 branches worldwide. It has its international presence in Singapore, Philippines, Cambodia, Indonesia, Bahrain, Brunei Darussalam, Pakistan, Vietnam, Papua New Guinea, People's Republic of China, Uzbekistan, Great Britain, the USA and Hong Kong SAR.

The Maybank products and services include commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee services, venture capital and Internet banking.

Maybank offers Islamic banking services through its subsidiary Etiqa Insurance and Takaful. This subsidiary provides a full range of insurance products in compliance with Shariah. Maybank Investment Bankis theinvestment banking division of the Maybank Group.

Maybank: History

Maybank was established by late Khoo Teck Puat, a renowned business magnate of Malaysia, in 1960. The bank expanded into 150 branches in the three years following its inception. The company formed Aseambankers Malaysia Berhad, an investment banking subsidiary, in 1973 and Mayban Securities Sdn Bhd, in 1987, to offer stockbroking services. In 1993, Maybank acquired Safety Life & General insurance Sdn Bhd and relaunched it as Mayban Life Assurance. The bank started its operations in Indonesia in 1996 after signing a joint venture with the PT Bank Nusa International. By 2000, the bank secured a place in the list of top 120 banks worldwide.

Maybank: Awards and Accomplishments

Here are some of the awards and accomplishments of Maybank:

In 2008, the bank was rewarded with Malaysia's Most Valuable Brand for the second time.
It has completed 15% acquisition in An Binh Bank (Vietnam), 20% in MCB Bank Ltd (Pakistan) and 97.5% in Bank Internasional Indonesia (BII).
It is the first Malaysian bank to gain license for opening a branch in China.
The bank acquired American Express' card business in Malaysia in 2006.
In 1963, Maybank bought Singapore’s Goodwood Park Hotel for $4.8 million.