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Wednesday May 13, 2009

HSBC plans more Islamic banking branches

SHAH ALAM: HSBC Bank Malaysia Bhd plans to open more Islamic banking branches under its unit HSBC Amanah Malaysia Bhd this year after carrying out a post-implementation review on its four branches.

“There are plans to increase our branches this year but, more importantly, we have to review our existing four branches so that we can avoid any possible hiccups and improve our future undertakings.

“We are in the midst of identifying the location for our future branches,” HSBC Amanah executive director Musa Abdul Malek said after the official opening of the company’s latest branch in Shah Alam yesterday.

Irene M. Dorner and Shah Alam mayor Mazalan Md Noor at the launch of HSBC Amanah branch in Shah Alam

HSBC Amanah also has branches in 1Utama Shopping Centre, Ampang Point and Juru Auto City in Penang.

Chairman Irene M. Dorner said the Shah Alam branch hoped to have at least 3,000 customers by year-end. “It now has about 300 customers since it started operations three weeks ago,” she said.

Islamic banking contributed about 10.5%, or RM257.9mil, to HSBC Bank Malaysia’s total operating income for the financial year ended Dec 31.

HSBC Amanah, which was formed as HSBC Bank Malaysia’s Islamic banking subsidiary in February last year, recorded a net profit of RM22.7mil from February to December 2008.

HSBC Amanah’s total shareholders fund stood at RM683.8mil as at Dec 31.

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