According to Bank Negara Malaysia (BNM), the Central Bank of Malaya, there are 20 licensed commercial Malaysia banks. The banking sector of Malaysia also constitutes a number of foreign banks, such as Citibank, Bank of America and ABN AMRO.
Top Malaysia Banks
The top Malaysia banks are listed as under:
Maybank (Malayan Banking Berhad): Established in 1960, Maybank is the largest financial services group in Malaysia. It has over 450 branches worldwide with considerable banking operations in Indonesia, the Philippines and Singapore. It was recognized as the “Most Valuable Brand in Malaysia in 2008” at ALB SE Asia Law Awards. The operations of Maybank include investment banking, asset management, insurance, Islamic banking and commercial banking.
Public Bank: Incorporated in 1966, this is the largest domestic bank in Malaysia in terms of shareholders' funds. It caters to retail clients and small and medium businesses. The employee strength of the Public Bank is around 13,000 people. The bank’s services and products include commercial banking, credit cards, unit trust management, share broking, investment and hire purchase financing. It has more than 240 branches in Malaysia.
CIMB Bank: It is the second best performing bank in Malaysia in terms of total assets. CIMB's contribution to the overall mergers and acquisitions in Malaysia was 56% in 2004. The bank thrives on its more than 600 branches, 25,000 employees and approximately seven million customers. CIMB Group also features significant banking operations in Indonesia and Singapore. It has subsidiaries for various banking operations, such as investment banking, Islamic banking, consumer banking, asset management, insurance, treasury and mergers and acquisitions.
HSBC: The bank was incorporated with the purpose of promoting trade between Europe and China. HSBC Bank Malaysia is a part of the HSBC Group and incorporated locally in Malaysia in 1994. This is the largest foreign banking group in the country and has 40 branches. Besides regular personal and commercial banking products and services, it also offers Islamic banking services through its subsidiary HSBC Amanah Malaysia Berhad.
Citibank: Citigroup, one of the largest banking groups in the world, forayed into Malaysia in 1959. Citibank Berhad is headquartered in Kuala Lumpur and the first US bank in the country. It caters to retail and corporate customers.