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Maybank completes business transfer to Singapore subsidiary
SINGAPORE (Bernama) – Maybank announced it has successfully completed the transfer of its Community Financial Services (CFS) business in Singapore from its branch to Maybank Singapore Limited (MSL), a Singapore-incorporated subsidiary.
It will see MSL operate the CFS business consisting of Retail (personal banking, privilege wealth, premier wealth), Private Wealth, SME-Retail, Small Medium Enterprises (RSME) Banking and Commercial Banking business in Singapore.
The Global Banking (including Global Markets) business continues to be operated under Maybank’s Singapore Branch.
According to Maybank Group President and Chief Executive Officer (CEO) Datuk Abdul Farid Alias, Singapore is the largest overseas operations of the Maybank Group.
“Maybank Group has injected capital into MSL so that deposits are ring-fenced in the country, creating an additional level of trust and assurance for our CFS customers,” he said in a statement yesterday.
Abdul Farid said the move not only fulfilled regulatory requirements, but also symbolised Maybank’s long-term commitment to the Singapore market as it further deepens the 58 years of business operations.
Maybank was identified as one of the domestic systemically important banks (D-SIBs) by the Monetary Authority of Singapore in 2015.
Meanwhile, Country CEO and CEO of MSL, Dr John Lee, said Maybank had grown in tandem with the development of Singapore’s economy, notably during the nation-building years.
“With MSL being rooted in Singapore, we will be able to better leverage Singapore’s position as a financial centre to optimise regional business opportunities.
“The quality of products and services, as well as our focus on a close-knit banking relationship remain the same post-subsidiarisation,” he said.
Lee noted that SME owners with regional ambitions could tap Maybank’s network in all 10 ASEAN countries, while individuals looking for financing and wealth planning will enjoy the same banking conveniences at MSL. About 1,850 employees are transferred from Maybank’s Singapore Branch to MSL, which operates 27 service locations, including 20 retail branches, in the island republic.
Source: https://borneobulletin.com.bn/maybank-completes-business-transfer-to-singapore-subsidiary/