Asia: Maybank looks to increase their presence in Philippines

Filipino entrepreneurs and corporations are looking to expand their operations into neighboring countries and Maybank, Southeast Asia’s fourth largest bank by assets, are looking to be a part of that growth.

Maybank plans to leverage the bank’s presence in 20 countries and ability to offer their Filipino clients a clearer picture of threats and opportunities when it comes to expansion in the region.

One of the strategies Maybank is looking to use is to expand aggressively into wealth management as there has been consistent growth in this space over the past years.

Maybank’s investment and banking capabilities means the bank can provide affluent customers with a one-stop shop for all their banking needs in Philippines and the Southeast Asian region.

Having a regional presence helps Maybank to be competitive in attracting the affluent. According to RFi Group data, having international service and support that recognises their customer’s priority status anywhere in the world is among the top 5 drivers of choice for both current and prospective affluent priority account holders in the Philippines.

And while local banks generally have the lion’s share of customers, this is one aspect where Maybank will have an opportunity to attract affluent customers looking to invest overseas.

Potential affluent priority account holders refer to affluent customers that do not have a priority banking relationship with any banks.

Source: H2 2017 Philippines Priority and Retail Banking Council

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