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Maybank invests for big growth in Philippines

Maybank invests for big growth in Philippines

(29 January 2013 – Philippines) Malaysia’s Maybank has injected US$100 million (A$95 million) capital for growth in the Philippines and recently invested US$48 million for a new head office in Manila. According to a statement, Maybank, South East Asia’s fourth largest bank by assets, launched its new corporate head office in Manila, simultaneously announcing a capital injection of US$100 million to accelerate its growth in the Philippines.

The new centre, called the Maybank Corporate Centre, involves a long term investment of US$48 million and is located in the ultra-modern high-tech suburb of Bonifacio Global City in Taguig. Bonifacio Global City is the newest premier business and residential district in the Philippines.

The five-storey Maybank Corporate Centre, with total floor space of 3,840 square metres, now houses all business units of Maybank Philippines Incorporated (MPI) which used to be located in Manila and Taguig.

It not only symbolises Maybank Group’s commitment to the Philippines but will enable MPI’s businesses to operate more efficiently under one roof.

Maybank intends to leverage on the growing window of opportunity in the Philippines to strengthen its franchise over the next few years.

"Our intention is to double our network to 100 branches by 2014 and thereafter to 200 branches by 2018," he said.

Maybank president and chief executive, Dato’ Sri Abdul Wahid Omar said; "Our intention is to double our network to 100 branches by 2014 and thereafter to 200 branches by 2018."

MPI currently has 54 branches located in key economic growth areas throughout the country, with the 55th due to be opened in Davao at the end of this month.

Its capital currently stands at US$145 million from US$40 million in 1997.

Total assets of MPI have grown almost 9 times from US$141 million to US$1.3 billion during this period, while loans have expanded from US$44 million to US$775 million.

MPI’s profit before tax for 2012 reached US$20 million from US$12 million a year earlier and US$5 million in 2010. It is the 24th largest bank by assets in the Philippines.
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