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KUALA LUMPUR: Maybank, Malaysia’s largest financial services group, has been named one of the World’s Best Banks 2020 by Global Finance magazine.
The bank joined the list along with its counterparts in the region, namely the Commonwealth Bank of Australia, ICBC of China, Bank Mandiri of Indonesia, DBS of Singapore and Hana Bank of South Korea.
A report on the magazine’s portal said that despite the current challenging external environment, banks in Asia and the Pacific posted stable performance, backed by large capital reserves, low cost of credit, financing largely from deposits in place of capital markets, and a willingness to meet digitization challenges through innovation.
This bodes well for the post-COVID-19 era, some close observers argue.
The report quotes Graeme Knowd, managing director of Moody’s Group of Financial Institutions in Hong Kong, saying that banks in the Asia Pacific are well positioned to weather the crisis.
“We believe that after the crisis, most of the top-rated banks in Asia will be profitable again and will continue to deserve high ratings,” it said in the report.
Maybank has a presence in Asean, China, the United States and the United Kingdom.
The bank offers conventional and Islamic banking services, including commercial and investment banking, insurance, wealth management, mortgages, auto financing, and credit cards.
Meanwhile, Maybank Group’s brokerage arm, Maybank Kim Eng, is dedicated to underwriting stocks and bonds, mergers and acquisitions, project financing, and syndicated loans.
For the sixth consecutive year, Maybank was rated A by MSCI ESG Research.
In 2018 and 2019, it was the only Malaysian organization included in the Bloomberg Gender Equality Index. – Bernama
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