Maybank has been listed as one of the world’s best banks in year 2020 by the Global Finance magazine, a monthly publication that selects the best financial institutions around the world each year.
The bank is also joined by other notable banks within the Asia Pacific (APAC) region, including Commonwealth Bank (Australia), ICBC (China), Bank Mandiri (Indonesia), DBS Bank (Singapore), and Hana Bank (South Korea).
According to the magazine, APAC banks were able to post a steady performance despite facing a challenging landscape, including the onslaught of fintech backed by “super apps” and the ongoing trade war between US and China.
The publication further noted that the stability of these banks is rooted in ample capital buffers, a low cost of credit, funding largely by deposits rather than capital markets, and a willingness to meet the challenges of digitisation with innovation. It also said that close observers see this as a good sign for the banks in the post-Covid-19 era.
“Banks in APAC are well positioned, and we believe that after the crisis, most highly rated banks in Asia will return to profitability and continue to merit high ratings,” the managing director of Moody’s Financial Institutions Group (Hong Kong), Graeme Knowd, also commented in the magazine report.
Maybank, the country’s largest financial services group, has presence throughout ASEAN, Greater China, as well as US and UK. It offers both conventional and Islamic banking services, and also has a brokerage arm, Maybank Kim Eng.
Maybank was also rated A by MSCI ESG Research for the sixth consecutive year since 2014. Additionally, it was the only Malaysian organisation to be included in the Bloomberg Gender Equality Index in 2018 and 2019. Last year, Maybank was named by the Global Finance magazine as the safest bank in Malaysia, and one of the safest in Asia as well.
The New York-based Global Finance magazine was founded in 1987, and its annual lists of the world’s best banks have become a recognised and trusted standard of excellence.
(Source: Malay Mail)