Maybank to focus on home loans business, beef up consumer banking

Maybank says it wants to grow its home loan business in Singapore.This was announced on Wednesday during a news briefing to introduce its new Singapore country head – Pollie Sim.

Over the past year, Maybank’s share of the home loans sector in Singapore grew by three-fold, with 30 percent coming from HDB homeowners.

As part of the strategy to focus on the development of its consumer banking business, Maybank has moved five of its branches to the heartlands since 2002.

And the lender says it will relocate another four branches over the next two years.

It did not give any details of the possible locations, but says the move will help the bank better service its target customer base.

Presently, Maybank has S$6 billion worth of consumer loans in Singapore – mainly auto and housing loans.

Apart from consumer lending, the bank wants to focus on growing its fee-based income from corporate investment banking, wealth management and treasury.

Wealth management currently contributes about 25 percent of the total fee-based income, and the bank hopes to grow this by 30 percent over the next two to three years.

Going forward, Maybank hopes to see growth in its Islamic banking products in the corporate and investment banking arena.

Source: Channel NewsAsia, 18 October 2006

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