Public Bank commits $229.7m financing for SMEs

Public Bank is the largest financier of SMEs in Malaysia based on market share.

Public Bank, in collaboration with Credit Guarantee Corporation Malaysia (CGC), has committed $229.75m (MYR1b) in financing to small and medium enterprises (SMEs) in Malaysia. 

As of June 2024, the bank has extended MYR69.3b of financing to SMEs, said Tan Sri Dato’ Sri Dr. Tay Ah Lek, managing director and CEO of Public Bank, speaking at a special luncheon at Menara Public Bank on 9 September.

Public Bank is the largest financier of SMEs in Malaysia, with a market share of 17.5% of the country’s SME financing segment.

Of the MYR1b, about MYR430m has already been launched. The remaining RM570 will be launched in the near future, said CGC president and CEO Datuk Datuk Mohd Zamree Mohd Ishak.

“Taking into account Malaysia's encouraging first half 2024 economic growth which surpassed economists’ forecast, our immediate plan is to jointly work with Public Bank on the remaining MYR570m which will be launched to meet the additional financing needs of SMEs in line with the expected further improvement in the Malaysian economy,” he said, speaking at the luncheon.

CGC has facilitated over MYR96 billion in guarantees, benefiting over 380,000 SMEs, he said.

(US$1 = MYR4.35; based on Wise’s exchange rate as of 3:31 PM, 9 September 2024).