Malayan Banking Bhd said the Johor-Singapore special economic zone will drive further expansion, with Malaysia’s biggest lender having facilitated about 20 billion ringgit (US$4.9 billion) in financing and investments in the area in the past couple of years.
The funding has spanned all financial services segments, including corporate, mid-sized companies and consumers, Maybank President and Group CEO Khairussaleh Ramli said in a Bloomberg Television interview. Maybank has helped establish nine family offices in Johor, and its overall financing for the zone is the biggest of any lenders involved in the development, he said.
The special economic zone, which was first agreed in January 2024 and formally inked a year later, is aimed at boosting investment and cross-border business between both countries. Complementary factors between the two neighbours, especially regarding the Malaysian state of Johor bordering Singapore, will support continued growth, Khairussaleh said.
The bank is in a prime position to benefit from growth generated by the economic zone for both countries, he said.
Bloomberg
