The Philippines division of Malaysia’s Malayan Banking (Maybank) is holding preliminary talks with merger and acquisition targets to expand its domestic business, especially consumer lending.
Since its inception in 1997, the bank’s Philippines unit has 80 branches nationwide but has still not acquired or merged with a local lender.
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The move is part of Maybank’s plans to expand its exposure in the region.
Herminio Famatigan Jr, Maybank Philippines CEO, said: "There’s a real seriousness in the group’s intention to look for opportunities to scale up via acquisition or merger.
"If we’re going to buy a bank, it’s going to be a bank that complements what we do or fits the business model we have."
Famatigan added that in the first six months of the year, the consumer loans portfolio of the bank surged 41%, compared to the 40% increase witnessed for the whole of 2013.
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