Maybank has been in talks with the Monetary Authority of Singapore to incorporate its businesses here, and remains committed to that goal.
The Malaysian bank, which has 22 branches and around 1,800 employees in Singapore, outlined its position yesterday following news that HSBC will incorporate its retail and wealth management operations this year.
Maybank is one of seven domestic systematically important banks, the rest being DBS, OCBC, United Overseas Bank, Citi, Standard Chartered and HSBC.
MAS announced last April that these banks will face more stringent requirements, including the need to be locally incorporated to protect consumer deposits.
Maybank is the only one of the seven that has neither incorporated itself here nor confirmed a timing to do so. But the management wants to see that happen.
"We have had ongoing consultations with MAS on the incorporation of our operations in Singapore and reaffirm our commitment to this," the bank said in a statement yesterday. No timeline for the process was provided.
"Maybank sees Singapore as a key market, and an important gateway to the rest of the region. The local incorporation signifies a further deepening of Maybank's roots in Singapore, cementing its unwavering commitment to the local community after 55 years in the country," it added.
MAS has noted that the seven banks will be given an "adequate" transition period to comply with the stipulated changes.
This article was first published on Feb 5, 2016.
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