May­bank com­pletes trans­fer of CFS busi­ness

The Star Malaysia - StarBiz - - News -

PE­TAL­ING JAYA: Malayan Bank­ing Bhd (May­bank) has suc­cess­fully com­pleted the trans­fer of its com­mu­nity fi­nan­cial ser­vices (CFS) busi­ness to its Sin­ga­pore-in­cor­po­rated sub­sidiary, May­bank Sin­ga­pore Ltd (MSL).

“Mov­ing for­ward, MSL op­er­ates CFS busi­ness con­sist­ing of re­tail (per­sonal bank­ing, priv­i­lege wealth and premier wealth), pri­vate wealth, small medium en­ter­prises re­tail bank­ing and com­mer­cial bank­ing busi­ness in Sin­ga­pore,” May­bank said in a state­ment.

Mean­while, May­bank said its global bank­ing (in­clud­ing global mar­kets) busi­ness would con­tinue to be op­er­ated un­der its May­bank Sin­ga­pore branch.

May­bank was iden­ti­fied as one of the do­mes­tic sys­tem­i­cally im­por­tant banks (D-SIBs) by the Mone­tary Au­thor­ity of Sin­ga­pore in 2015. It said about 1,850 em­ploy­ees have been trans­ferred from its Sin­ga­pore Branch to MSL.

“MSL op­er­ates 27 ser­vice lo­ca­tions, in­clud­ing 20 re­tail branches, in Sin­ga­pore. Sin­ga­pore cus­tomers can also ac­cess the shared ATM net­work, as well as over 3,800 ATMs across the en­tire May­bank group net­work.

“MSL re­ceived a full bank­ing li­cence with qual­i­fy­ing full-bank priv­i­leges on Oct 3; it will op­er­ate as a sub­sidiary of the May­bank group with Asian cur­rency unit ca­pa­bil­i­ties,” it said.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.