Malayan Banking Berhad (Maybank) history, company profile (overview) and corporate video
Malayan Banking Berhad (Maybank) is a universal bank headquartered in Kuala Lumpur, Malaysia.
The company operates through the following business segments: Consumer and Digital Solutions, Corporate Solutions, Shariah Solutions, Wealth Management, Insurance & Takaful, Asset Management, and Investment Banking
HISTORY
Maybank was incorporated and began operations in Kuala Lumpur in 1960, occupying a corner shop in Jalan H S Lee (or High Street as it was known then). It was the nation’s first local bank to serve Malaysian society.
In 1962, the company was listed on the Kuala Lumpur Stock Exchange.
In the 1960s, the bank was nicknamed ‘coffee-shop bank’ because its branches mostly occupied shop lots that were formerly coffee shops or were situated next to one.
In the 1970s, Rural Credit Schemes and mobile banking (banking through buses for rural areas) were introduced to bring banking facilities the rural communities.
In 1972, the company started offering scholarship and study assistance schemes to students.
In 1973, the company formed its own investment banking subsidiary, Aseambankers Malaysia Berhad (Asian & Euro-American Merchant Banking (Malaysia) Berhad).
By 1975, the company provided housing and small business loans, helping families own their first home. It also pioneered agriculture and small industries loans.
In 1977, Mayban-Phoenix Assurance Berhad was incorporated, offering underwriting general insurance risks.
In 1981, Maybank Kawanku was first set up at the Maybank Ampang branch in Kuala Lumpur.
In the 1980s, Maybank was the first to introduce the ATM (Automated Teller Machine) in Malaysia. It also launched the first credit card in Malaysia (the Maybank Visa Classic Card and the Visa Premier Card).
In the 1990s, the bank grew to become a truly home-grown ASEAN bank. ASEAN (the Association of Southeast Asian Nations) is a political and economic union of 10 member states in Southeast Asia.
In 1992, Maybank launched Maybank Autophone, the first phone banking service by a local bank in Malaysia that offered customers the convenience of conducting their banking transactions through a computerized telephone service.
In 1992, Mayban Securities and Maybank General Assurance Bhd were formed.
In 1993, the company acquired Safety Life & General Insurance Sdn Bhd, and then relaunched it as Mayban Life Assurance.
In 1997, the company acquired a 60% stake in PNB-Republic Bank of the Philippines and renamed it Maybank Philippines Inc.
In the 2000s, Maybank became the first bank in ASEAN to offer an Islamic window through its subsidiary, Maybank Islamic Berhad. Today, Maybank is one of the largest Islamic banks in ASEAN. Maybank also partnered with telco players to launch the World’s first multi-payment Near Field Communication (NFC) services on mobile phones.
In 2000, Maybank launched Maybank2u.com, the nation’s first Internet banking platform.
In 2001, Maybank and Fortis International NV collaborated to set up Mayban Fortis Holdings Bhd.
In 2005, Maybank launched Maybank2e.net, a portal made for business owners to perform commercial transactions online.
In 2005, the company also acquired Malaysia National Insurance Bhd (MNI) and its subsidiary, Takaful Nasional Sdn Bhd (Takaful Nasional).
In 2006, Maybank acquired American Express‘ card business in Malaysia.
In 2007, the company launched Etiqa, the new brand name for Maybank’s conventional and takaful businesses under Mayban Fortis Holdings Bhd.
In November 2007, MNI Insurance and Takaful Nasional were rebranded as Etiqa Insurance & Etiqa Takaful, respectively. Subsequently, Mayban Takaful transferred all its business, assets and liabilities to Etiqa Takaful.
In 2008, the Islamic banking subsidiary, Maybank Islamic Berhad, was established.
In 2009, Aseambankers was renamed Maybank Investment Bank.
In 2011, the company acquired Kim Eng Holdings Limited.
In 2012, the company opened its first branch in Laos, completing the Group’s footprint in all 10 ASEAN nations.
In 2019, Maybank launched MAE (Maybank Anytime Everyone) an intuitive e-wallet integrated into the Maybank2u mobile banking app, with features such as split bills, movie & train tickets purchases, and others.
Later in 2019, the company launched a cashless mobile payment option using QR codes via Maybank QRPay for a seamless transaction experience.
With more than 40,000 employees, Malayan Banking Berhad is considered one of the largest banks in Southeast Asia and one of Malaysia’s most valuable bank brands. According to Forbes, it is considered one of the Largest Public Companies in the World.
Information from Forbes.com, Wikipedia.org, and www.maybank.com/en.
*Video published on YouTube by “MaybankVideos“