Maybank gets nod for CFS business in Singapore

PETALING JAYA: Maybank has received the approval from the Monetary Authority of Singapore (MAS) to locally incorporate its community financial services (CFS) business in Singapore.

“MAS has issued a full banking licence with Qualifying Full Bank privileges to Maybank Singapore Ltd (MSL), its wholly owned subsidiary incorporated in the republic,” Maybank said in a statement yesterday.

Maybank Group president and CEO Datuk Abdul Farid Alias said the local incorporation signifies a further deepening of the group’s commitment to its 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 Southeast 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.”

Subject to approval from the Singapore High Court, Maybank Singapore operations will transfer its community financial services business, namely the retail (personal banking, privilege wealth, premier wealth), private wealth, SME – retail, small medium enterprises (RSME) banking and commercial banking business via a scheme of transfer to MSL with effect from Nov 5.

MSL will operate as a subsidiary of the Maybank Group with Asian Currency Unit capabilities in Singapore.

Customers of MSL will enjoy the same quality of products and services, and have access to banking services at 27 service locations, including 20 retail branches across Singapore as well as over 3,800 ATMs across the entire Maybank Group network.

Maybank will, however, continue to operate its corporate and institutional business through its global banking business separately for corporate customers.