Maybank gets nod for CFS business in Singapore

It will operate as a subsidiary of Maybank Group with Asian Currency Unit in Singapore.

Maybank clinched the approval from the Monetary Authority of Singapore (MAS) to locally incorporate its Community Financial Services (CFS) business in the city-state. MAS has issued a full banking licence with Qualifying Full Bank privileges to Maybank Singapore Limited (MSL).

Depending on the approval from the Singapore High Court, Maybank Singapore operations will transfer its CFS business, including retail (personal banking, privilege wealth, premier wealth), private wealth, Retail, Small Medium Enterprises (RSME) banking, and commercial banking business through a transfer scheme to MSL from 5 November.

“We have been operating in Singapore since 1960, beginning with retail banking, and have over the years, transformed into a universal bank,” Maybank group president & CEO Datuk Abdul Farid Alias said.

MSL will operate as a subsidiary of the Maybank Group with Asian Currency Unit capabilities in Singapore.

Customers of MSL access the same quality of products and services. They can also use banking services at 27 service locations, including 20 retail branches, situated at various locations across Singapore as well as over 3,800 ATMs across the entire Maybank Group network.

Meanwhile, corporate customers will continue to be worked on a separate basis from Maybank’s Global banking business which includes loans/financing, trade financing, deposits, company’s operating accounts, remittances, and global markets.