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Published: Friday June 29, 2012 MYT 11:48:00 AM
Maybank prepared to locally incorporate S'pore retail ops-CEO
KUALA LUMPUR: Malaysia's top lender Maybank is prepared to locally incorporate its retail operations in Singapore if the city state's government requires it, a top company official said on Friday.
Chief Executive Abdul Wahid Omar said Maybank was waiting for more clarity on the new rules announced by Deputy Prime Minister Tharman Shanmugaratnam on Thursday in a speech to bankers attending an industry dinner.
Shanmugaratnam said foreign banks with a large share of deposits in the city-state will be required to locally incoporate their retail operations, a move that will force lenders like Maybank to commit capital there. - Reuters
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