Maybank eyes Muslim market in southern Philippines

Maybank will expand its financial services and investing in the Mindanao region of the Philippines.

The bank is taking up the call by the Malaysian government to help improve the economic life of Muslim Filipinos.

Malaysia recently brokered the peace agreement between the Moro Islamic Liberation Front and the Philippine government whereby the two parties agreed to lay down arms after decades of fighting over Mindanao.

"We are all very happy with the peace treaty that had been signed, as this would allow Mindanao to be developed further," said Maybank President and CEO Datuk Seri Abdul Wahid Omar.

Maybank currently has three branches in Mindanao, namely in Cagayan de Oro, Davao and Zamboanga.

Abdul Wahid said its current plan this year was to open up four more branches in the region that would be more than doubling its network.

"With the peace treaty, we hope there would be a lot more investments and economic activities in Mindanao," he added.

He said Maybank was committed in growing its business with the development of the country and its investmests in the Philippines would be a very long-term one.

MPI currently has 54 branches located in key economic areas throughout the country, with the 55th due to be opened in Davao at the end of this month.

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