Maybank completes transfer of CFS business
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.