KUALA LUMPUR: Maybank Group had incorporated a new wholly-owned unit in Singapore, via its wholly-owned subsidiary, Maybank International Holdings Sdn Bhd.
In a filing to Bursa Malaysia, the group explained that the new entity, Maybank Singapore Ltd (Incorporation), was set up after receiving Bank Negara Malaysia's approval on 18th December 2017, as well as approval from Singapore authorities.
Maybank did not disclose the reasoning of the creation of this entity but stressed that its creation will not have any material impact on its earnings, net assets and gearing for the financial year ending 31st December 2018.