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Maybank wishes to annouce that it has signed on August 18, 2000 , a Stock Purchase Agreement (SPA) with the Philippine National Bank (PNB) to acquire the latter's remaining shareholding in Maybank Philippines, Inc. (MPI). With this signing, Maybank now owns a 99.59% stake in MPI, making it the first foreign bank to acquire over 60% of a commercial bank in the Philippines under the new General Banking Act. This Act allows foreign banks to own more than 60% of the capital stock of a domestic bank.

With a network of 59 branches in the Philippines, Maybank now has the largest network amongst the foreign banks in the Philippines. Its branches provide a wide range of financial services to meet the needs of the retail and business segments. MPI's objective is also to facilitate and promote trade and investments from Malaysia and other ASEAN countries to the Philippines and vice versa.