This article first appeared in The Edge Financial Daily on October 5, 2018

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has obtained 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), said Maybank in a statement yesterday. Incorporated in Singapore on Feb 2, MSL is wholly-owned by Cekap Mentari Bhd, which in turn is wholly-owned by Maybank.

“We have been operating in Singapore since 1960, beginning with retail banking, and have over the years, transformed into a universal bank. Our local incorporation signifies a further deepening of our commitment to our 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,” said Maybank Group president and chief executive officer Datuk Abdul Farid Alias.

“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,” he added.

Subject to approval from Singapore’s High Court, Maybank Singapore operations will transfer its CFS 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 from Nov 5, Maybank said.

MSL will operate as a subsidiary of the Maybank Group with Asian currency unit capabilities in Singapore, the bank said.

“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, situated at various locations 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 (for example, loans/financing, trade financing, deposits, company’s operating accounts, remittances, global markets) separately for corporate customers,” the statement added.