KUALA LUMPUR: HSBC Bank Malaysia Bhd aims to leverage on its one million credit card holders to drive its credit card business further, said deputy chairman and chief executive officer Datuk Zarir J. Cama.
“We see our credit card business growing rapidly in the next one year as our card portfolio matures and customers spend more on their cards,” he told a press briefing yesterday.
HSBC's credit card circulation hit one million last month, placing the bank among the country's top three credit card issuers with 12% market share.
Classic cards account for over 50% of total cards issued, Gold at about 30% and the balance, Platinum and Premier cards.
Zarir said the company hoped to grow its market share to 20% but did not state when this would be achieved. He said it would depend on the growth of the market and consumer spending.
Zarir added that most cardholders used their credit cards on day-to-day necessities such as insurance and utility bill payments, petrol and groceries.
General manager for personal financial services, U. Chen Hock, said the credit card business was expected to grow 20% in a few years time as the bank continued to roll out more promotions and special privileges for card holders.
The credit card business made up 16% of the bank's total consumer banking assets worth RM11bil.
“Our SmartPrivileges programme has been a great attraction,'' he said, adding that the bank aimed to add 1,000 merchant partners to its existing 3,000 in a year's time.
The Hongkong and Shanghai Banking Corp Ltd head of Asia-Pacific for personal financial services, Nick Sibley, said HSBC Malaysia's credit card circulation was the group's third highest in the region after Hong Kong and India.
Malaysia accounted for 11% of the banking group's credit card circulation and 10% of receivables in the Asia-Pacific, he added.
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