Friday 29 Mar 2024
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KUALA LUMPUR (April 14): Malayan Banking Bhd (Maybank) said on Thursday (April 14) it is on track to meet goals under its five-year strategic M25 Plan, which outlines the financial services provider’s strategy from 2021 to 2025 by enhancing digital capabilities, discovering new value drivers for business growth besides championing sustainable practices.

In a statement issued to reporters covering Maybank’s press conference in conjunction with the group’s annual general meeting which was held virtually on Thursday, Maybank said it will continue to accelerate efforts to unlock greater value for stakeholders.

Maybank chairman Tan Sri Zamzamzairani Mohd Isa said in the statement: “With our key markets increasingly moving toward the [Covid-19] endemic stage, the expectation is that there would be greater economic recovery across the region — boosted by enhanced vaccination rollouts and the easing of border control restrictions.” 

"These are positive signs and we believe it puts us in the driving seat to ensure we achieve our M25 goals.

“M25 is anchored by our mission of humanising financial services and has a clear strategy focusing on three priorities — namely pervasively digital, new value drivers and sustainability. In the course of a year, these pillars have served [their] respective purposes and have tracked our planned milestones,” Zamzamzairani said.

Maybank had on May 6, 2021 unveiled its M25 Plan.

In a statement then, Maybank said the M25 Plan was designed to accelerate its growth and entrench its position among leading financial services groups in the region.

On Thursday (April 14, 2022), Maybank group president and chief executive officer (CEO) Datuk Seri Abdul Farid Alias said the group's focus on building the three strategic priorities has enabled it to stay ahead of the curve, and continue serving the community, especially during the outbreak of the Covid-19 pandemic.

Abdul Farid said Maybank's expertise in operating as a digital bank, in addition to its role as a traditional bank, demonstrates its strength to provide cutting-edge solutions for its customers.

"Over the last year, we have been able to design our own lifestyle applications, introduce digital financing solutions in Malaysia cutting across retail and non-retail segments for products such as mortgage, personal and SME (small and medium enterprises) financing, and allowed for KYC (know your customer) processes to be undertaken digitally in Singapore, Indonesia and the Philippines, amongst others," he said.

He said Maybank has made progress in capturing growth opportunities through new value drivers, expanding offerings in the areas of digital, sustainability, SME, wealth, insurance, Islamic banking and investment management.

According to him, the move has benefitted a diverse range of customers from retail to corporate clients as well as underserved segments in the region as Maybank pursues sustainable practices which include efforts to drive a responsible transition to a low-carbon economy, empower communities across the Association of Southeast Asian Nations (ASEAN) region and lead with good governance practices.

"It is important to note that the implementation of our sustainability programmes was set against a very challenging operating environment and we are truly encouraged to see some of these efforts are already showing progress within a short span of time. These are meaningful outcomes that will shape the future of our generation and planet, and the work must be continued conscientiously," said Abdul Farid, who will step down as Maybank group president and CEO upon expiry of his current contract on Aug 1, 2022.

In a statement on Jan 3, 2022, Maybank said Abdul Farid, who has held the position as group president and CEO of Maybank since Aug 2, 2013, had informed Maybank's board of directors that he would like to pursue his own interests following the conclusion of his third term as group president and CEO.

On Thursday (April 14, 2022), Zamzamzairani said it was with Abdul Farid's steady hand that the group successfully navigated the challenges of the Covid-19 pandemic and ensured that the organisation consistently acted in the best interests of stakeholders.

"Key priorities under his stewardship have been the judicious management of capital and liquidity and cost discipline, which were enablers in the group being able to maintain its shareholder rewards during the pandemic, ensuring continuity of cash flow income for many who were dependent on it due to disruption of livelihoods.

"It is also under his leadership that Maybank, for the first time, surpassed a market capitalisation of over RM100 billion in 2017, making it the only listed company on Bursa Malaysia to achieve this feat," Zamzamzairani said.

At 5pm on Thursday, Maybank's share price closed down one sen or 0.11% to RM8.83, which values the group at about RM105.7 billion.

Maybank's latest-reported number of issued shares stood at 11.97 billion.

Edited ByChong Jin Hun
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