Maybank Singapore is reportedly planning to open a new branch at Orchard Road in order to serve its private bank clients.
The new Orchard Rd outlet will target clients with at least US$1 million in investable assets, reported The Business Times.
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Alvin Lee, head of Maybank Private Wealth, said: "We are looking for a location to be a premier and private wealth outlet."
Additionally, Maybank is planning to further spread out into the trillion-dollar private banking sector to extend its reach among retail clients and small and medium-sized enterprises.
Maybank currently has 22 branches in Singapore.
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