HSBC Amanah to add 16 new branches by 2013

KUALA LUMPUR (Oct 12, 2011): HSBC Amanah Malaysia Bhd plans to open 16 new branches by 2013 to tap the increasing demand for Islamic financial services, said HSBC Bank Malaysia Bhd CEO and HSBC Amanah Global CEO Mukhtar Hussain.

He said five new branches will be opened by year-end in Old Klang Road, Kuala Lumpur; Bangi, South Cheras and Sungai Buloh in Selangor and Kota Kinabalu in Sabah. Currently, the bank has 10 branches nationwide.

“We are investing in high quality premises and good locations, which are designed to serve our customers. Obviously, our customer base will grow reflecting the size of our network and through customer demand,” Mukhtar told reporters after the official opening of HSBC Amanah’s 10th branch in Wangsa Maju here today.

“We see continued growth in Islamic finance, which is part of the national agenda. Already today, in the financial services industry in Malaysia, between 20% and 22% of the assets are syariah-compliant,” he said, adding that Islamic banks may control over 40% of banking assets here in the next 10 years.

“Our investment in Islamic finance reflects our confidence in the market opportunities and clearly our growth also recognises the demand of our customers for Islamic finance as a mainstream form of finance in the country,” he said.