MAYBANK on Thursday said that it has been granted approval from the Monetary Authority of Singapore (MAS) to locally incorporate its community financial services business in Singapore.
Once it gets approval from the Singapore High Court, Maybank Singapore operations will transfer its community financial services business via a scheme of transfer to Maybank Singapore Limited (MSL). The community financial services business are retail, private wealth, SME banking and commercial banking. MSL holds full banking licence with a qualifying full bank rights, and it was incorporated in Singapore in February this year.
The effective date for the transfer is set at Nov 5, 2018.
In a press statement, Maybank Group president and CEO Abdul Farid Alias said: “We have been operating in
Singapore since 1960, beginning with retail banking, and have over the years transformed into a universal bank. Our local incorporation now signifies a further deepening of our commitment to our customers and communities in Singapore. It is also part of Maybank’s overall strategy to accelerate our growth plans and business presence in the Republic.
“As one of the largest banks in South-east Asia with a footprint in all 10 Asean countries, we value Singapore as one of our three home markets, and remain committed to its long-term economic growth and prosperity.”
Maybank Singapore's retail customers bank through banking services at 27 service locations, including 20 retail branches.
Maybank will continue to operate its corporate and institutional business through its global banking business separately for corporate customers.