Maybank to expand more aggressively in Southeast Asia

Will also boost share of overseas business in revenues.

Abdul Farid Alias, the new CEO of Malayan Banking Bhd, is expected to acquire assets throughout Southeast Asia as Maybank expands its regional footprint.

Farid took over as CEO after Abdul Wahid Omar was named minister of the government’s Economic Planning Unit. He has been the deputy president and head of global banking business at Maybank since July 2010.

Maybank aims to grow pre-tax profit from international operations to some 40% by 2015 as rising competition among Malaysian banks crimped margins in recent years. International operations comprised 30.2% of the bank’s pre-tax profit in 2012.

“We found out that contributions from overseas may not come up to 40% as we have set out by 2015 unless we have an acquisition,” Farid said.

In July 2011, Maybank’s acquisition of Singapore-based brokerage Kim Eng Holdings Ltd for US$1.4 billion helped it to further expand its investment banking business into Southeast Asian markets including Singapore, Thailand and the Philippines.

While Maybank has offices and branches in the 10-member Association of Southeast Asian Nation or ASEAN, a commercial banking presence in Thailand has so far eluded the bank despite it being the biggest broking house in Thailand.