HSBC Malaysia forecasts strong growth in SME unit

Optimism attributed to expanding branch network coupled with SME owners’ 24-point Q4 confidence level.

Managing director for commercial banking David Morton said: "We are expecting at least a double digit growth for our SME (small and medium enterprises) business this year, and this will be better than last year."

However, he declined to divulge figures.

The bank is planning to establish a wider footprint by opening more branches, notably for its Islamic banking or HSBC Amanah.

"We opened four Islamic banking branches last year and will open two more probably by the first quarter of this year. We hope to have an additional six HSBC Amanah branches this year, bringing the total number to 10 by year-end," Morton said after a press briefing on HSBC’s latest semi-annual Small Business Confidence Monitor survey. The survey gauges the small businesses outlook in 20 markets worldwide.

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