Malayan Banking Bhd (Maybank) is now in the initial stage of identifying the ideal number of branches it plans to open in India and their locations.
President and chief executive officer Datuk Seri Abdul Wahid Omar said the company already had a license to operate commercial banks in India and would make inroad into the country.
He said the company did not set any timeframe when it would open its first branch in India but added it could take place within the next one to two years.
“Definitely, we are going there (India) and we are looking at having our first commercial bank branch in India's financial capital Mumbai,'' Wahid said at the launch of a strategic partnership between Maybank and Pos Malaysia Bhd by Deputy Minister in the Prime Minister's department Datuk Ahmad Maslan here yesterday.
Also present at the event was Pos Malaysia group managing director and chief executive officer Datuk Syed Faisal Albar.
Wahid said the company would be looking at setting up its operations in Thailand via the acquisition of Singapore-based brokerage Kim Eng Holdings Bhd for RM4.3bil.
He said with Kim Eng as the leading regional brokerage and the No. 1 broker in Thailand with 41 branches, Maybank would leverage on its strength to make forays into the Thai financial sector.
“Initially, we'll focus on investment banking and stockbroking in Thailand before going into retail banking,'' added Wahid.
On the partnership with Pos Malaysia, Wahid said Maybank would be able to provide banking services to a larger base of customers especially in rural areas and Sabah and Sarawak.
He said Maybank customer would eventually be able to carry out cash withdrawals and transfers as well as other banking transactions at all Pos Malaysia outlets.
Syed Faisal said at present, there were 10 post offices nationwide which offered such services.
“We have over 700 post offices in the country and we are looking at extending the services to the other outlets within the next one to two years,'' he said.
Syed Faisal said the company was now undergoing an overall transformation with a target to improve its revenue via three core activities mailing, courier and over-the-counter services at the post offices.
He said the mailing segment currently contributed 60% of its total revenue, 20% from the over-the-counter services, 15% from courier services and 5% from other services. - By ZAZALI MUSA, thestar.com.my
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