Maybank to shift its focus in Singapore to corporate banking

MAYBANK announced at the Invest Asean Conference on Tuesday that it will be shifting its focus to concentrate more on corporate banking. -- ST FILE PHOTO: MARK CHEONG
MAYBANK announced at the Invest Asean Conference on Tuesday that it will be shifting its focus to concentrate more on corporate banking. -- ST FILE PHOTO: MARK CHEONG

MAYBANK announced at the Invest Asean Conference on Tuesday that it will be shifting its focus to concentrate more on corporate banking.

The Invest Asean conference is an inaugural two-day event held by Maybank Kim Eng, a group of companies that comprises businesses with offices around the world.

The bank's group president and chief executive officer, Datuk Abdul Farid Alias, said at the conference that the bank's current strategies concentrate evenly on both consumer banking, as well as corporate banking.

Other banks in Singapore are more heavily involved with corporate banking, with up to 75 per cent of their operations focused on the corporate side, he noted.

"The opportunities in Singapore for us are very significant," he said, "In our 54 years in Singapore, we have grown our business to be focused more on consumer than corporate. In the past, our contribution towards consumer and corporate has been about 50-50."

"We will be moving more deliberately into corporate banking, with the intentions to cross-sell as many as possible, both from a clients perspective and a products perspective," Datuk Farid said.

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