ANZ can now offer a wide range of non-ringgit denominated products and services, including loans and deposits, to its institutional and corporate customers in Malaysia.
Speaking at the opening of the branch ANZ Chief Executive Officer Mike Smith said: “Malaysia is an important market for ANZ and an important part of our regional banking network.
“Our super regional strategy brings value to customers by connecting them with capabilities and opportunities in Australia, New Zealand and across Asia Pacific. Malaysia is a major regional economy and trading partner and establishing our first branch is an important step in growing our business in this country.”
The new branch complements ANZ’s existing representative office in Kuala Lumpur and its successful partnership with AmBank Group, one of the largest banking groups in Malaysia.
ANZ Malaysia CEO Fauziah Hisham said: “Intra-regional trade and investment flows are on the rise. Malaysia is Australia's third-largest trading partner in ASEAN and eleventh-largest partner overall.
“While ANZ Kuala Lumpur actively supports and markets the Bank’s capabilities outside of Malaysia, the Labuan Branch is licensed to offer a wider array of services to our regional customers such as supporting an Australian corporate to raise financing and provide risk management solutions for its projects in Malaysia.”
Labuan is located off the west coast of North Borneo, eight kilometers from the Malaysian state of Sabah. It was established by the Government of Malaysia in 1990 as an International Business and Financial Centre to complement the country’s financial markets in Kuala Lumpur.
ANZ has had a presence in Malaysia for more than 40 years and holds a 23.8% stake in AmBank Group. The ANZ-AmBank partnership includes customer referrals between the banks, the creation of new products and services and joint cooperative deals for large regional companies and Malaysian conglomerates.