KUCHING: Malayan Banking Bhd (Maybank) yesterday launched its new corporate head office in Manila, simultaneously announcing a capital injection of US$100 million to accelerate its growth in the Philippines.
The new centre, called the Maybank Corporate Centre, involves a long term investment of US$48 million and is located in the ultra-modern high-tech suburb of Bonifacio Global City in Taguig.
Bonifacio Global City is the newest premier business and residential district in the Philippines.
The new corporate centre was launched by National Treasurer Rosalia De Leon as guest of honour in an inauguration ceremony which also saw the attendance of Maybank chairman, Tan Sri Datuk Megat Zaharuddin Megat Mohd Nor, president and chief executive officer (CEO), Datuk Sri Abdul Wahid Omar, board members as well as a host of corporate clients and business partners.
Also present were Maybank Philippines Incorporated (MPI) president and CEO, Herminio Jun Famatigan and Maybank ATR Kim Eng president and CEO, Manuel Tordesillas.
Speaking at a news conference in conjunction with the inauguration, Wahid stated that the group had for long recognised the Philippines as another ‘frontier of growth’ in the Asia Pacific region.
To this end, Maybank had previously injected additional capital of US$50 million in 2010 for network expansion.
To further reaffirm Maybank’s commitment to the Philippines which it regards as one of its home markets, the additional capital injection of US$100 million was aimed at strengthening its franchise to support the booming economic growth as well as supporting the increasing trade and investment flows within Asean.
“The Philippines is another vibrant regional economy and has recorded strong gross domestic product (GDP) growth of 6.5 per cent in the first nine months of 2012,” he said.
“Given the sustained pace of expansion expected in the next few years, with GDP growth for 2013 alone estimated at six to seven per cent, we see substantial demand for financial services that Maybank and our investment banking and stock broking subsidiary, Maybank ATR Kim Eng, can meet in the country.”
Maybank, he said, had been operating in the Philippines via MPI since 1997 and over the years, had strengthened its operations by streamlining its network, building its IT and systems infrastructure as well as up-skilling its human resource capabilities.
“The addition of ATR Kim Eng into our network following the acquisition of Kim Eng Holdings in 2011 enabled us to further expand our presence and product offering in the country,” he explained.
“Coupled with our entrenched regional footprint and capabilities, our clients in the Philippines have the benefit of a well-diversified financial services group to tap into for their continued growth.”
“Furthermore, as our regional operations become increasingly inter-woven, we are confident that we can mine opportunities in numerous segments, such as electronic payments, cash management, remittances, investment banking, consumer banking and wealth management, where we have the expertise and experience.”
Wahid added that Maybank intends to leverage on the growing window of opportunity in the Philippines to strengthen its franchise over the next few years.
“Our intention is to double our network to 100 branches by 2014 and thereafter to 200 branches by 2018,” he said.
MPI currently has 54 branches located in key economic growth areas throughout the country, with the 55th due to be opened in Davao at the end of January 2013.
Its capital currently stands at US$145 million from US$40 million in 1997.