KUALA LUMPUR (Feb 2): Malayan Banking Bhd (Maybank) said it has via its wholly-owned subsidiary, Maybank International Holdings Sdn Bhd, incorporated a new wholly-owned unit in Singapore.

The unit, Maybank Singapore Ltd (Incorporation), was set up yesterday after receiving Bank Negara Malaysia's approval on Dec 18 last year subject to the approval from Singapore authorities, said Maybank in a filing with Bursa Malaysia.

The group did not state the purpose of establishing the new Singapore subsidiary.

But it said the unit's incorporation is not expected to have any material impact on its earnings, net assets and gearing for the financial year ending Dec 31, 2018.