Maybank transfers community financial services business to Singapore subsidiary
Around 1,850 employees will be moved to the subsidiary.
Maybank has transferred its Community Financial Services (CFS) business in Singapore from Malayan Banking Berhad, Singapore Branch (Maybank’s Singapore Branch) to Maybank Singapore Limited, a Singapore-incorporated subsidiary.
According to an announcement, Maybank Singapore Limited operates CFS business consisting of retail (personal banking, privilege wealth, premier wealth), private wealth, SME - retail, Small Medium Enterprises (RSME) banking, and commercial banking business in Singapore.
Meanwhile, the global banking (including global markets) business continues to be operated under Maybank’s Singapore Branch.
Maybank group president and CEO Datuk Abdul Farid Alias said, “Singapore is the largest overseas operations of the Maybank Group. Maybank Group has injected capital into Maybank Singapore Limited so that deposits are ring-fenced in the country, creating an additional level of trust and assurance for our CFS customers.”
About 1,850 employees are transferred from Maybank’s Singapore Branch to Maybank Singapore Limited. Most key senior management executives of Maybank Singapore Limited are appointed by both Maybank’s Singapore Branch and Maybank Singapore Limited, with Dr. John Lee taking on the CEO role for both entities.
Maybank Singapore Limited operates 27 service locations, including 20 retail branches, in Singapore. Maybank will start operating “MSpace at Maybank”, its 20th retail branch in Singapore, on 7 November 2018.
This is the first branch across the Maybank network to combine a café with banking, serving the banking needs of a diverse client base.