MayBank: Malaysia's Largest Bank and Financial Group

Topics: Bank, Maybank, Kuala Lumpur Pages: 3 (1026 words) Published: March 25, 2013
Maybank is a trade name for Malayan Banking Berhad. Maybank is well known as the largest bank and financial group in Malaysia, with significant banking operations in Singapore, Indonesia and the Philippines. This bank also has large interests in Islamic banking throughout Maybank Islamic Berhad and insurance via its Etiqa subsidiary. As it moves into its six decade, Maybank Group already show it commitment and changes in order to become the financial service leader in Malaysia. From its incorporated on 13th May 1960, Maybank starting its operation on 12th September 1960 at Mansion House, High Street, Kuala Lumpur. At that time, Malayan economy was fully dependant on rubber and tin and Maybank take the chances to be the first wholly bank that owned finance company. It was known as Malayan Finance Corporation and later its change to Maybank Finance. Maybank opened its first overseas branch in Brunei on 28th November 1960 followed by South Bridge Road, Singapore in December 1960. On 12th December 1962, the Hong Kong branch was opened followed by a branch in London on 12th September 1962.Maybank also listed on Kuala Lumpur Stock Exchange on February 17 at the same year. On September 1973, Maybank step forward and sets up its investment banking arm known as Aseambanker and was already rename as Maybank Investment Bank in 2009. In 1974, Maybank introduced the Rural Credit Scheme which purposed its services to rural sectors and also to fulfil the government’s objective which want to balance the economic among populance. As the time passed by, Maybank upgraded its services and come out with the first mobile bus banking services in Johor in 1976 which provided financial services to rural communities. Maybank also introduced Mayban Phoenix Assurance Berhad in 1977 with the bank hold 70 % equity and the remaining 30% is held by British Phoenix assurance and changed its name to Mayban Assurance. In 1978, Maybank become the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on Maybank
  • financial Essay
  • Comparison of Financial Performance Between Maybank and Development Bank of Singapore Essay
  • World Bank Group Essay
  • Vtb Bank Group Essay
  • The World Bank Group Mission Essay
  • History of Cimb @ Maybank Essay

Become a StudyMode Member

Sign Up - It's Free