Malayan Banking Berhad, a Malaysia-based lender trading as Maybank, is set to expand its business in the US by providing new services such as transaction banking, asset management, fixed income distribution, and Islamic banking.

Speaking at the recent launch of Maybank New York’s newly relocated branch premises, Maybank president and CEO Datuk Abdul Farid Alias was quoted by Borneo Post as saying that the group intends to leverage on the expected pick-up in the US economy which will provide greater opportunities in the coming years.

Farid Alias also told that the relocation of Maybank New York into larger premises reflected the growing business potential as well as Maybank’s long-term commitment to its US operations.

"It demonstrates to our clients here and around the world that we have enhanced our capabilities and resources to serve them better in New York. Mid Town New York is the financial centre of Manhattan and we have every intention to strengthen our US capabilities for the future," Farid Alias added.

Having opened the business in 1984 with 20 employees and assets of US$100 million, the company has expanded its operations and currently has a staff of 32 employees with assets of around US$1 billion.