How Maybank Started?
Malayan Banking Berhad, or known as Maybank is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, and Indonesia.
According to the 2020 Brand Finance report, Maybank is Malaysia's most valuable bank brand, the fourth top brand amongst the ASEAN countries, and ranked 70th in the world’s most valuable bank brands.
Tan Sri Khoo Teck Puat is the founder of Maybank. He studied in Singapore in 1930 and worked in OCB Corporation as a bank clerk in 1933.
He also served as the Chairman of the Central Provident Fund Board in 1958. His rise in OCBC was rapid and he developed strong ties with Tan Chin Tuan until they had a difference of opinion which resulted in him leaving OCB Corporation in 1959.
Therefore, he started his new career founding Maybank.
How Maybank Was Created
Maybank was founded on 31 May 1960 with a few partners in Kuala Lumpur, on 12 September it began its operations.
Maybank’s first overseas branch opens in Brunei on 28 November. Branches are also opened in Singapore. Within three years, the bank had more than 150 branches.
From 1964 to 1965, Khoo was a senator in the Malaysian parliament. In the same year, Khoo was ousted from Maybank by the Malaysian government under Deputy Prime Minister Tun Abdul Razak on the pretext of pumping the bank's money into his own private firm in Singapore.
In 1968, Khoo bought over Maybank's Singapore properties, including Goodwood Park Hotel and Central Properties, for S$50 million.
While bitter with what the Malaysian government did, Khoo retained his Malaysian citizenship.
Vision and Mission.
With the consistent commitment to sticking to their vision and mission, Maybank has been able to continue succeeding.
Their vision is to advance Asia’s ambition with their consumers.
Their mission is to humanize financial services by providing the people with convenient access to financing, having fair terms and pricing, advising customers based on their needs, and being at the heart of the community.
How Maybank Became Successful
The reason why Maybank was successful worldwide is that they always find the right balance.
Maybank is continuously working hard in finding the right balance to assist its clients and the relevant economies on their journeys to sustainable operations, given the delicate balance between sustainable and inclusive economic development.
Other than that, they believe innovation is the key to success. Because in the future, digital reigns supreme and they have never stopped being innovative. Maybank has introduced internet banking to mobile bus banking back in the 1970s and now by smartphones.
They are also focused on using data and technology to help them not just in decision making but also in responding to client needs in the fast-changing world
They have also introduced industry-leading human resource practices and community empowerment programs such as our Women Eco-Weavers and Reach Independence Sustainable Entrepreneurship training for the disabled and marginalized which are recognized regionally.
Since its success, Maybank has over 2,000 branches and offices in 20 countries. International banking services include foreign currency deposits and loans, trade financing, treasury services, and Islamic banking solutions.
In 2012, Maybank became the first regional bank to have a physical presence in all ten ASEAN member nations and welcomed a new addition to the Global Banking family. Which is, Maybank Asset Management Group, which focuses on growing our asset and fund management business across the region.
Maybank is among the top 5 banks in South East Asia.
The company’s commitment to building long-term trusted, and sustainable relationships with its clients has been one of the reasons why it is able to succeed globally.