Saturday June 30, 2012
Maybank awaits Singapore new bank rules
KUALA LUMPUR: Malayan Banking Bhd (Maybank) is prepared to locally incorporate its retail operations in Singapore if the city state's government requires it, according to a top company official.
Chief executive Datuk Seri 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 would be required to locally incoporate their retail operations, a move that would force lenders like Maybank to commit capital there. Reuters