New York, Nov 6 – Maybank’s New York office moved last night (Monday) to its new and bigger premises at Park Avenue in midtown, in the proximity of other giant banks such as JP Morgan Chase, UBS and Citicorp,
Park Avenue is considered to be a prime address with a large cluster of local and domestic banks operating in this city.
The opening ceremony of Maybank’s new premises was officiated by Datuk Seri Abdul Wahid Omar, the Minister in the Prime Minister’s Department, who is currently in New York with Maybank Group President and Chief Executive Officer, Datuk Abdul Farid Alias, and attended by a crowd of Malaysian and local business people.
The Malaysian Permanent Representative to the United Nations, Datuk Hussein Haniff, and the Malaysian Consul-General in New York, Syed Bakri Syed Abdul Rahman, were also present at the event while the Maybank’s General Manager in New York, Adam Malik Azlan, was the moderator at the ceremony.
Abdul Wahid, who was Maybank Group’s President and Chief Executive Officer until he was appointed Minister in the Prime Minister’s Department, said the premises were large enough to accommodate further expansion.
“We encourage Malaysian companies and institutions to venture abroad and raise the Malaysian flag,” he told Bernama.
With its rapid growth in New York, Maybank needed additional space to accommodate the demands of business growth.
“Although the bank continues to be in the same building, it has moved from the 9th floor where it occupied only half of the floor to the 11th floor where it now has the entire floor for itself,” Abdul Wahid said.
Abdul Farid said Maybank, which had grown exponentially since it was first established in New York in 1984, is one of the only three Asean banks to have a licence to operate in New York.
“The formation of the Asean Economic Community (AEC) in 2015 will create new opportunities which we intend to tap. I am confident that we will be the leading Asean bank in New York,” Abdul Farid said.
The new premises will also enable Maybank to enter other areas crucial for its business.
It has identified, at least, four new areas for its strategic expansion in the United States.
These include transaction banking, asset management, fixed income distribution and Islamic banking.
Abdul Farid said the Maybank Group, which currently operates a wholesale branch in New York and a broking business through its investment arm, Maybank Kim Eng, would leverage on the expected recovery and upturn in the US economy, thus unfolding greater opportunities in the coming years.
Abdul Farid said Maybank s move to larger premises reflected “the growing business potential and also the bank s long-term commitment” to the US operations.
“Indeed, it demonstrates to our clients here and around the world that we have enhanced our capabilities and resources to serve them better in New York,” he said.
Maybank New York first commenced operations in 1984 with 20 employees and assets of US$100 million. Over the years, it has expanded its operations and now has 32 staff, with assets close to US$1 billion.
Today, the Maybank Group, including Maybank Kim Eng, has some 50 employees in the United States.
Abdul Farid said Maybank s acquisition of Kim Eng Securities in 2011 had enabled the group to further expand its network and capabilities in the United States.
“Overnight, we could provide clients with broking services, and extend our reach further in New York as well as in San Francisco, where Kim Eng has offices.
“Through Maybank Kim Eng, we are also able to offer clients a more complete set of financial services, driven by solutions especially for clients with US trade and investment interests as well as those in the US who wanted to leverage on our Asian network which includes a very extensive presence in all the 10 Asean countries,” he said.
He said that as the US economy gained traction, the group expected an increase in US-Asean trade flows. Two-way trade, which stood close to US$200 billion last year, is expected to grow even further once the Trans-Pacific Partnership Agreement is in place.
“These will create opportunities for us to explore new drivers of growth and revenue, especially in transaction banking, asset management, Islamic banking and fixed income distribution, including sukuk (Islamic bond).
“By capitalising on our network and core strengths in Islamic banking, we will harness opportunities through better synergy between our broking and banking arms in the US,” he staressed.
Abdul Farid said New York is key to Maybank Group s ambition to become a regional universal bank offering distribution and access to US dollar investors.
“We believe we have a unique value proposition as we can connect and serve clients from both sides of the Pacific to meet their global needs seamlessly.
“The expanded Maybank New York operations will not only equip us to better serve customers, it will afford us greater resources to tap on future growth.
“Our aim is for Maybank to become a leading Asean bank in the Americas,” Abdul Farid added.
– Bernama
