KUALA LUMPUR (Nov 5): Malayan Banking Bhd (Maybank) has completed the transfer cof its community financial services (CFS) business in Singapore from its Singapore branch to Maybank Singapore Ltd.

According to Maybank's statement today, Maybank Singapore will operate CFS business consisting of retail (personal banking, privilege wealth and premier wealth), private wealth, retail small medium enterprise (SME) banking and commercial banking business.

The global banking (including global markets) business, meanwhile, continues to be operated under Maybank's Singapore branch.

"Singapore is the largest overseas operations of Maybank Group. Maybank Group has injected capital into Maybank Singapore so that deposits are ring-fenced in the country, creating an additional level of trust and assurance for our CFS customers," Maybank group president and chief executive officer (CEO) Datuk Abdul Farid Alias said in a statement today.

"This move not only fulfils regulatory requirements, but also symbolises our long-term commitment to the Singapore market as we further deepen our 58 years of business operations," he added.

Maybank was identified as one of the domestic systemically important banks by the Monetary Authority of Singapore in 2015.

"Maybank has grown in tandem with the development of Singapore's economy, notably during the nation-building years. With Maybank Singapore being rooted in Singapore, we will be able to better leverage Singapore's position as a financial centre to optimise regional business opportunities," Maybank Singapore country CEO Dr John Lee said.

"The quality of products and services, as well as our focus on a close-knit banking relationship remain the same post-subsidiarisation.

"SME owners with regional ambitions can tap Maybank's network in all 10 Asean countries, while individuals looking for financing and wealth planning will enjoy the same banking conveniences at Maybank Singapore," said Lee.

About 1,850 employees have been transferred from Maybank's Singapore branch to Maybank Singapore. Most key senior management executives of Maybank Singapore are appointed by both Maybank's Singapore branch and Maybank Singapore, with Dr John Lee double-hatting the CEO role for both entities.

Alvin Lee will lead Maybank Singapore as the head of CFS, a role he assumed since September last year.

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

Maybank Singapore 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.