Since starting operations in 1960, Maybank Singapore has transformed itself into a full-service financial institution serving retail, SME and corporate customers. This year, the bank marks the next milestone in its growth journey by incorporating part of its business here to better serve its customers. As Singapore is one of Maybank's home markets, the Singapore incorporation is an important strategy to increase its presence.
On Nov 5, Maybank’s Singapore Branch will transfer its Community Financial Services business in Singapore — comprising the retail (personal banking, privilege wealth, premier wealth), private wealth, retail small and medium enterprises (RSME) banking and commercial banking (CMG) businesses — to a new subsidiary, Maybank Singapore Limited (MSL), which is incorporated in Singapore.
Maybank’s Singapore Branch, meanwhile, will continue to operate its Global Banking business.
Adding a layer of trust
Ring-fencing Maybank’s Community Financial Services business in the Singapore market allows capital to be injected here, creating an additional level of trust and assurance for customers.
“The incorporation is part of Maybank’s overall strategy to accelerate our growth plans and business presence in Singapore. Our Community Financial Services customers will continue to be able to access banking services at 27 service locations, including 20 full-service branches in Singapore, as well as over 3,800 ATMs across the entire Maybank Group network,” says Dr John Lee, Country CEO and CEO of Maybank Singapore.
"In the long run, Maybank will be able to better leverage Singapore’s position as a financial centre to optimise regional business opportunities, and thus strengthen our long-term growth in the region," he adds.
A track record of success
Maybank’s commitment to Singapore is reflected in the numerous accolades it has received over the years. For instance, about one in four of the bank’s staff is an Excellent Service Award (EXSA) winner for the banking and financial services sector. EXSA is a national-level award that recognises individuals who have delivered quality service. Maybank is the first bank to be conferred the People Excellence Award at enterprise level — a strong testament to its people-first culture.
It is also the first bank in Singapore to achieve all four certifications for business excellence standards: Singapore Quality Class Star, Singapore Service Class, Singapore Innovation Class and People Developer at enterprise level from Enterprise Singapore.
It also won the “Outstanding Wealth Management Service for the Affluent” (2018), “Outstanding Private Bank for Growth Strategy – Organic” (2016–2018) and Most Innovative Business Model (2017, 2018) at the Private Banker International Global Wealth Awards.
Today, Maybank is the fourth largest bank by assets in South-east Asia. In Singapore, Maybank is one of the top auto-finance providers, according to Credit Bureau Singapore. These achievements have been accompanied by a steady growth in its bottom line.
For the first half of the 2018 financial year, Maybank Singapore reported higher net income of $572.5 million, compared to $495.6 million in the previous period. This was on the back of a 24.7 per cent rise in net fee-based income, which was boosted by increases from treasury and wealth management services.
Maybank Singapore will continue to roll out initiatives to expand its offerings to meet the changing needs of its customers. To appeal to a younger crowd, as well as to attract new wealth customers, the bank will be opening a new concept store, MSpace at Maybank, at Orchard Road on Nov 7.
Says Dr Lee: “We intend to use this concept store to experiment with new ideas, including new ways of engaging our customers and facilitating transactions.”