Malayan Banking Bhd (MAY MK, Hold, TP: RM8.25) is expected to receive a local incorporation license for its operations from the National Bank of Cambodia early next month to facilitate its ongoing expansion plans in Cambodia. "We remain focused on organic expansion plans in Cambodia," Maybank president and CEO Datuk Seri Abdul Wahid Omar said. He explained "As we expand, we felt there was a need to strengthen our commitment further with a local incorporation in Cambodia." It's been reported that over the 12 months to October 2011, Maybank Cambodia had registered a 75.2% growth in loans and advances, with 4% growth in customer deposits. (StarBiz)
Source: ECM Newz Bits 30 March 2012
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