Maybank expects $29.75bln transaction value for trade finance

Bank's performance and rebounding economy prompts lender to dominate more than 22.6% of trade finance pie.

Malayan Banking Bhd (Maybank) eyes RM94 billion ($29.75 billion) in trade finance transaction value by June 2011, up from RM74 billion ($23.44 billion) for the year ended June 2010.

Its chief executive officer, Datuk Seri Abdul Wahid Omar, said the bank aimed to subsequently increase its market share in the segment with the introduction of the web-based TradeConnex and robust trade outlook for Malaysia.

"Among the local players, Maybank is a clear leader in the segment," he said at the launch of TradeConnext here Monday.

Maybank commands 22.6 per cent market share in trade finance. In Islamic trade finance alone, its share is higher at 35 per cent end-May 2010.

The country's total trade in May expanded by 27.2 per cent to RM96.45 billion ($30.55 biliion), while total exports rose by 21.9 per cent to RM52.3 billion ($16,57 billion), compared with May 2009. Imports surged 34.2 per cent to RM44.15 billion ($13,99 billion) over the same time.

"This augurs well for our trade finance business this year and we are therefore targeting to grow our market share further by June 2011," he said.

View the full story in Bernama.