BOOSTING OPERATIONS: Wahid (left) officiating the newly-relocated Maybank New York premises, observed by Farid (centre) and Maybank New York general manager Adam Malik Azlan (right).
KUCHING: Maybank has identified at least four new areas to expand into, as part of its strategy to boost its operations in the United States.
These include transaction banking, asset management, fixed income distribution as well as Islamic banking.
Maybank president and chief executive officer Datuk Abdul Farid Alias said the group intends to leverage on the expected pick-up in the US economy which will provide greater opportunities in the coming years.
He said this at the launch of Maybank New York’s newly relocated branch premises recently.
The new premises at 400 Park Avenue was launched by Minister in the Prime Minister’s Department, Datuk Sri Abdul Wahid Omar, in conjunction with Invest Malaysia United States (IMUS) held in New York.
Farid said that the relocation of Maybank New York into larger premises reflected the growing business potential as well as Maybank’s long-term commitment to its US operations.
“It demonstrates to our clients here and around the world that we have enhanced our capabilities and resources to serve them better in New York. Mid Town New York is the financial centre of Manhattan and we have every intention to strengthen our US capabilities for the future,” he said.
Maybank New York commenced operations in 1984 with 20 employees and assets of US$100 million. Over the years, it has expanded its operations and now has a staff strength of 32 employees with assets of close to US$1 billion.
Farid added that Maybank’s acquisition of Kim Eng Securities in 2011 enabled the Group to further expand its network and capabilities in the US.
“Overnight, we could provide clients with broking services, and extended our reach further in New York as well as San Francisco, where Kim Eng has offices.”
Today, including Maybank Kim Eng, the Maybank Group has some 50 employees in the United States.
“We are proud to say that Maybank remains the sole Malaysian bank in New York and one of the only three Asean banks to have a branch licence here,” he said.
“Through Maybank Kim Eng, we are also able to offer clients a more complete set of financial services driven by solutions especially for clients with US trade and investment interests as well as those in the US who wanted to leverage on our Asian network which includes a very extensive presence in all 10 Asean countries.”