Maybank today opened its Ho Chi Minh City branch, the second branch in Vietnam in addition to the existing one in Hanoi.

The Ho Chi Minh City office was previously operating as a representative office since 1996. The first Maybank branch in Vietnam was opened in 1995 in Hanoi.

In announcing this new addition to the Maybank global network, Maybank President & Chief Executive Officer, Datuk Amirsham A Aziz thanked the State Bank of Vietnam for granting Maybank the license earlier this year to open a second branch in country.

"With this approval Maybank will be able to play a much greater supportive role in respect of financing the growth of the various sectors in Vietnam. The elevation of our Ho Chi Minh City representative office to a bank branch will enable Maybank to expand the convenience as well as enhance the range of financial products and services to all our customers whether in Vietnam or elsewhere in the region, who may have businesses and investments in Ho Chi Minh City and the southern part of Vietnam," said Datuk Amirsham.

"The additional branch in Vietnam will strengthen the bank? presence and will enable us to grow our business in a country which the government has targeted growth for 8.5% in 2005*," added Datuk Amirsham.

Datuk Amirsham said that the branch at Ho Chi Minh City is also a testimony to the progress and potential of the Vietnamese economy as well as Maybank? commitment to play its part in the growth of Vietnam.

This was especially evident from the growth in outstanding loans of Maybank? Vietnam operations, which rose 38% for FY04/05 from the previous year. Since 1995, the bank has been actively involved in financing infrastructure projects of national importance to the Vietnamese economy, namely in communication and information services, construction of water treatment and petrochemical plants, development of industrial zones and setting up of steel and flour mills.

The Ho Chi Minh City branch will focus on supporting the trading, oil and gas, agriculture and tourism sectors in the area. It will provide facilities such as Term Loan and Overdraft, Project Financing, Enterprise Accounts, Trade Financing and Advisory Services as well as Treasury and Foreign Exchange. The branch also intends to later introduce Foreign Worker Telegraphic Transfer scheme to allow Vietnamese workers abroad to remit money home. Customers will also be able to leverage on Maybank? strong relationship with Malaysian trade centres and other Maybank overseas branches for their trade-related activities.

The additional branch in Vietnam expands Maybank? international network which now comprises 79 branches and one representative office in 11 countries in addition to 352 branches in Malaysia. The Maybank Group has the largest international network of a Malaysian financial services group.

Maybank? global network now includes the Philippines (45 branches), Singapore (22 branches), Brunei (3 branches), Papua New Guinea (2 branches), People? Republic of China (1 branch & 1 Representative Office), Hong Kong SAR, Indonesia, Cambodia, United States of America, United Kingdom and Bahrain (1 branch each).

* Source: Asian Development Outlook 2005, Asian Development Bank