Maybank set to launch credit card services

MANILA, Philippines - The local unit of Malaysian banking giant Malayan Banking Berhad (Maybank) will launch its credit card services by October this year in line with its expansion plan in the Philippines.

“We will be launching both Visa and Mastercard credit cards to further boost our consumer banking business here,” Maybank Philippines president and CEO Herminio Famatigan said.

He said as they continue to look for more banks to acquire, they would also step up their network expansion.

“We are always on the lookout for opportunities to acquire another bank which will complement our core business model. It could be a commercial, savings or rural bank,” he said.

For the meantime, he said they would be keeping track of their internal growth. “Our objective is to grow this bank organically but we will continue to be sensitive to opportunities,” he said.

The Maybank executive said they may be adding about 10 branches next year. “If we can open another five to 10 branches this year,we will be happy. We are looking at one in Cebu and another in Central Luzon, maybe in Angeles City,” he added.

This year, the bank will put up 10 branches of which five will be located in the Visayas, three in Mindanao and two in Luzon.