Maybank ready to locally incorporate S’pore retail ops
KUALA LUMPUR, June 30 – Malaysia’s top lender Maybank is prepared to locally incorporate its retail operations in Singapore if the city state’s government requires it, a top company official said yesterday.
Chief Executive Abdul Wahid Omar said Maybank was waiting for more clarity on the new rules announced by Deputy Prime Minister Tharman Shanmugaratnam on Thursday in a speech to bankers attending an industry dinner.
Shanmugaratnam said foreign banks with a large share of deposits in the city-state will be required to locally incorporate their retail operations, a move that will force lenders like Maybank to commit capital there. – Reuters