ISLAMIC BANKING | Cesar Tordesillas, Malaysia

HSBC Amanah to complete Malaysian expansion in 2012

Three more branches in 2012.

These will be in Melaka, Seremban and Kelantan, HSBC Amanah announced after launching its Kuching branch recently. 

With these branches, the group is set to complete its footprint in Malaysia ahead of schedule.

“We were given a time frame by Bank Negara when we first started in 2007 to open 26 branches by 2013," said HSBC Amanah CEO, Rafe Haneef.

“Given the overwhelming response from our customers and the business community, we have been able to complete the 26 branches ahead of time. So by December we would have launched all the 26 branches and be present in all the major areas in the country,” he added.

There would no longer be any plans in the near future to further expand as it would take some time for the company to extract better value from these branches.

“So in terms of more branches we don’t have anything in plan for the moment. The plan is to increase productivity in these branches,” he stated.

Haneef explained that first phase of expansion is to establish a presence in all major cities in Malaysia, which they will achieve by December.

The second phase is still under planning, since the bank has to be successful in the said cities prior to moving on to the next stage.

HSBC Amanah has been on track in their efforts to expand its presence nationwide with the company’s asset book doubling the past two years from RM4 billion in 2011 to over RM8 billion in 2012.

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