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HSBC Bank Malaysia

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HSBC Bank Malaysia Berhad
Company typeBerhad, subsidiary of The Hongkong and Shanghai Banking Corporation
IndustryFinance and Insurance
Founded1994
HeadquartersKuala Lumpur, Malaysia
Key people
ProductsFinancial Services
Number of employees
5,000
ParentThe Hongkong and Shanghai Banking Corporation
Websitewww.hsbc.com.my

HSBC Bank Malaysia Berhad was incorporated locally in Malaysia in 1994. It is part of the HSBC Group and is a wholly owned subsidiary of HSBC Holdings plc headquartered in London.[1] The Group serves customers worldwide from around 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

Malaysian banking

HSBC Bank Malaysia is the largest foreign-owned bank in Malaysia, offers a full range of personal and commercial services from a network of branches and direct channels. The bank has a network of 40 branches nationwide.

Besides, HSBC has been offering Islamic financial services in Malaysia since 1994. In 2007, the bank established its Islamic banking subsidiary HSBC Amanah Malaysia Berhad.

History

Penang was the first location in present-day Malaysia to serve as HSBC's base of operation.

The Hongkong and Shanghai Banking Corporation established its first office in what would become Malaysia in 1884 on Penang. Thereafter, it opened branches in Ipoh in 1909 followed by branches in Malacca, Johore Bahru and Kuala Lumpur in 1910. The Kota Bharu branch was opened in 1912.In the 1920s and 1930s, the Bank opened more branches in several states. The Sungai Petani branch was opened in 1922, the Kuantan branch in 1929, the Muar branch in 1930 and the Kuala Terengganu branch in 1936.

In Sabah (then British North Borneo), the first branch opened in Kota Kinabalu (Jesselton) in 1947. Branches were set up in Sandakan and Tawau a year later, followed by Labuan in 1957.

Meanwhile, in Sarawak, a branch was opened in Kuching in 1958. Another was established in Sibu in 1959, followed by a second branch in Kuching in 1964.

By 1959, The Hongkong and Shanghai Banking Corporation Limited had embarked on a programme of acquisitions - including The Mercantile Bank and alliances and has network of 40 branches throughout Malaysia. Through the acquisition of The Mercantile Bank, which started operations in Malaysia in 1860, HSBC is indirectly the oldest bank in Malaysia.

Currently HSBC Bank Malaysia Berhad has a network of 40 branches nationwide.

Local incorporation

Hongkong Bank Malaysia Berhad was incorporated on 1 October 1984. On 1 January 1994, the Malaysian branch operations of The Hongkong and Shanghai Banking Corporation were localised and transferred to Hongkong Bank Malaysia. The Hongkong and Shanghai Banking Corporation sold its Malaysian banking business to the intermediate holding company of the HSBC Group that time, but the bank still has the offshore banking unit in Labuan. Later, in conjunction with the HSBC Group's global rebranding exercise, the legal name HSBC Bank Malaysia Berhad was adopted on 23 February 1999. HSBC Bank Malaysia Berhad is a subsidiary of the HSBC Group, the parent company of which is currently HSBC Holdings plc of London.

Environmental Destruction and Social Irresponsibility

HSBC is contributing to the deforestation in Indonesia and subsequent hazardous impacts in the region by providing funds directly to one of the biggest companies that has been undertaking projects in the nation's peatland forests. The company has been exposed and lambasted throughout the last year for participating in the nefarious act of damaging the environment for profit. Even though HSBC has denied the claims that they are sponsoring these environmentally irresponsible activities, Greenpeace has compiled multiple sources and researches to draw a link between the company and their customers.[2]

See also

References

  1. ^ hsbc.com.my HSBC Bank Malaysia Berhad is a wholly owned subsidiary of the HSBC Group. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London.
  2. ^ http://www.greenpeace.org/international/Global/international/publications/forests/2017/Greenpeace_DirtyBankers_final.pdf
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