Maybank to inject $50mln into its Philippines unit

The additional capital will be used for offering more loans in the country.

Maybank, Malaysia’s biggest bank and financial group, will infuse an additional capital of $50 million to local unit Maybank Philippines before the year ends, a high-ranking Trade official told Manila Standard.

Trade Undersecretary and Board of Investment managing head Cristino Panlilio said Abdul Farid Alias, deputy president and head of the global wholesale banking division of Maybank, informed him of the capital infusion plan at the sidelines of a recent Asean finance ministers’ meeting in Kuala Lumpur last week.

“The official said the infusion of additional capital for Maybank’s local subsidiary will be used for giving out more loans in the Philippines,” Panlilio said.

Maybank has more than $50 billion in group assets. It has 45 branches in Metro Manila and key provincial cities since starting operations in the Philippines in 1997.

Maybank was ranked one of the best banks in Asia in terms of highest returns for shareholders over a period of five years. Maybank’s fifth ranking was based on the financial services industry report released by the Consultancy Group Mercer, Oliver Wyman.

Panlilio went to Kuala Lumpur early last week for an investment mission to attract Malaysian investors to the country. He said he also met investors who are into business process outsourcing, transportation, cosmetics, personal care, water filtration and energy.

View the full story in the Manila Standard Today.