Slow growth or rapid internationalization in emerging markets: The case of Maybank Berhad

Abstract

Theories on the internationalization of multinational banks are largely based on companies from developed countries. Their application has not yet been studied in depth among firms based in developing nations, however. The international expansion of Maybank Berhad and its transformation from a medium-sized Malaysian national bank to one of the most profitable regional banks in Asia offers a template for other growing organizations in emerging markets. By building on its strong capabilities at home, creating growth in nearby markets that share its cultural outlook, and simultaneously leapfrogging over some early stages of international expansion through the acquisition of competitors in the international arena, Maybank has contradicted the notion of gradual development that is an essential aspect of the stage-model perspective of internationalization. © 2013 Wiley Periodicals, Inc.