Malaysia-based Maybank Group still sees the Philippines as an important market and said it continues to hold “exploratory” talks on mergers and acquisitions in the country.
“Maybank has said that the Philippines is an important market for the Group and having said that, we are looking at ways to scale up our business,” Maybank Philippines Inc. (MPI) President and CEO Hermino Famatigan Jr. told reporters late Thursday.
Famatigan said the Philippine unit of the Maybank Group has grown organically and systemically since it started in 1997. However, he noted that the bank has to look at opportunities to scale up inorganically as well.
“We are talking to parties, but the clearer intention is to look for opportunities to scale up via acquisition or merger,” he said.
“If we are going to buy a bank, it will be a bank that complements what we do, or fits the business model that we have,” he added.
The MPI executive said that the bank has big business in the consumer market, including retail lending, auto, credit cards, mortgage lending, and other consumer products, and is also strong in corporate lending.
Maybank’s consumer portfolio in first six months of the year grew 41 percent year-on-year from about 30 percent growth in the same period last year.
“We plan to grow our consumer business quite aggressively. We’d like to cover more ground. The aspirations are huge in the market, so we’re bringing to the local market the technology, the expertise, and the knowledge, and see how we can expand in the most efficient way,” he explained.
Maybank-Manchester United tie-up
Meanwhile, MPI has announced its partnership with Manchester United with the launch of the first international sports franchise co-branded credit card in the Philippines, powered by Visa.
The bank said that the Maybank-Manchester United Credit Card is ideal for active and sports oriented Filipinos as the bank has partnered with various sports retail stores, fitness centers and sports bars where the cardholders can enjoy discounts on top of the region-wide privileges offered by the credit card.
“With the launch of this new credit card, Filipino fans of Manchester United-one of the Premiere League’s elite teams—will be able to enjoy exclusive privileges and discounts,” it said.
MPI is part of the Maybank Group, a regional financial services leader with a presence in 20 countries worldwide, including the Association of Southeast Asian Nations and five international financial centers.
MPI has 79 branches across the country, of which 30 are located in Metro Manila while the rest are strategically located in key cities in Luzon, the Visayas and Mindanao. The bank also has a network of 93 offsite and on-site automated teller machines nationwide.