HSBC elated with progress in Malaysia

HSBC is pleased with the progress of its Malaysian operations, which has been growing in the last two years.

Consequently, Malaysia has been identified by the HSBC Group as one of its six key markets in Asia Pacific outside Hong Kong.

"It is one of the key markets that gives us profits and returns," said HSBC Holdings plc Group Managing Director and The Hongkong and Shanghai Banking Corporation Ltd Chief Executive Peter Wong Tung Shuan.

He said he was looking at HSBC Malaysia's cost base very carefully.

HSBC Bank Malaysia Bhd Deputy Chairman and CEO Mukhtar Hussain said that under a restructuring, HSBC was looking at every part of the group and for Malaysia, the bank was looking at its business model to see where it could create efficiency.

Mukhtar said the bank was also strengthening its relationship with customers as they had contributed to the growth of HSBC's businesses.

He said HSBC Malaysia would continue to expand its branches from its current 58. The bank opened 16 branches in the last two years.

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Tags: bank operations, Malaysian operations, key markets, Asia-Pacific markets, HSBC