Presently, there are more than 20 commercial banks licensed by
the Bank Negara Malaysia (BNM). Followings are the 10 largest banks in Malaysia
according to their 2006 net profit. The figures were obtained from the National
Union of Bank Employees, NUBE.
Please note that the revenues taken into account are only
applicable for their respective Malaysia operation. As such, you will
understand why Citibank is not at the top despite being one of the largest
banks in the world. Few other foreign banks such as ABN Amro and Bank of
America did not even make it to the list even though the profits for their
group operation are well in excess of RM20 billion.
1. Maybank (Malayan Banking Berhad)
Maybank
was incorporated in 1960 and today it is the largest financial group in the
country, and famous for its yellow and black logo color. The bank has been
topping the chart for many years despite being surrounded by a number of
controversies including the surcharge issues and recently, the major picketing by its front line staff.
Maybank also has strong operations overseas through 500 correspondences across
many different regions. Jobs in Maybank cover multi facets of fields including
finance, sales, business development & marketing and Information
technology.
2. Public Bank
Public
Bank is another successful local bank in Malaysia. Even though it does not have
a strong brand like Maybank, it continues to record impressive financial
results. NUBE reported that the Public Bank CEOs annual income for the year
2006 was an astounding RM5.5 million, the highest among the major banks in this
list. That equals to an average salary of RM15,000 per calendar day. From a
small branch set up in 1966, the bank, which was founded by Tan Sri Dato Sri Dr
Teh Hong Piow, has grown into a size of over 13,000 employees today. Public
Banks services include commercial banking, hire purchase financing, credit
cards, investment, share broking, unit trust management and many more.
3. CIMB Bank
Presently
the best performing bank in Malaysia, the CIMB group continues to grow by means
of portfolio expansion locally and overseas, as well as through mergers and
acquisitions. In 2004 alone, CIMB accounted as much as 56% of the total value
of mergers and acquisition activities in Malaysia. The success of the CIMB bank
is much attributed to its founder and Group Chief Executive, Dato Nazir Razak,
who received his schooling in England since he was 13. He is the son of
Malaysias second Prime Minister, Tun Abdul Razak, and the younger brother of
Dato Seri Najib Razak, the current Deputy Prime Minister of Malaysia. Under
Nazirs leadership, the CIMB staff are pushed to work hard but in the end they
are rewarded with fat year end rewards and bonuses. Some of the CIMB staff was
reported to earn up to 13 months bonuses!
4. HSBC
The
history of HSBC began in the 19th century when Hong Kong and Shanghai Banking
Company Limited was established in Hong Kong to finance the growing trade
between China and Europe. The main office was moved by the British to London in
anticipation of the Japanese occupation in 1941. HSBC Bank Malaysia, which is
now part of the HSBC Group, became the first foreign bank to incorporate their
entity in Malaysia in 1994. However, their presence was much longer than that
since the original Hong Kong and Shanghai Corporation entered the country some
time in 1884, beginning its operation in Penang.
5. Citibank
Citibank
is a New York based financial institution and for long it has been ranked as
the worlds largest bank. You are probably surprised to hear that the bank’s
single largest shareholder is a Saudi Arabia citizen by the name of Prince
Al-Waleed bin Talal. Al-Waleed is a member of Saudi royal family. Citibank
began its operation in Malaysia in 1959 with the opening of their first branch
in Jalan Medan Pasar, Kuala Lumpur. It became the first bank from the US to
have entered the country. Recently Citibank was ranked 3rd in the 20 Worlds
Most Profitable Companies in 2007 as listed by CNN Money and Fortune.
6. Hong Leong Bank
The bank
began its first operation as Kwong Lee Mortgage and Remittance company, based
in Kuching, Sarawak and involved in the financial of the export commodities
including peppers, rubber and other agro based products. Despite facing many
difficulties during the war and recession periods, the bank survived and listed
the company public under the name of Kwong Lee Bank in 1934. The bank went
through different ownerships and controls until it was acquired by the Hong
Leong Group, a group founded by one of the richest men in Malaysia, Tan Sri
Quek Leng Chan. Subsequently, the bank was restructured and renamed Hong Leong
Malaysia Berhad, HLBB.
7. Standard Chartered
Standard
Chartered is a British bank based in London but having most of its revenue
coming from the Asia Pacific operation, mainly the former British colonies,
including Malaysia. The Malaysia operation started way back in the 19th century
and Standard Chartered is considered one of the earliest banks established in
the country. The bank currently employs more than 60,000 people worldwide
serving its 3 core businesses, mainly Consumer Banking, Corporate and
Institutional Banking, and Treasury. The bank has almost 30 branches operating
nationwide.
8. OCBC Bank
OCBC Bank
was established in Singapore, and is the first ever bank to operate in the
Singapore. It has been operating in Malaysia for more than 70 years, and is
based in the Menara OCBC, which is just right next to Masjid Jamek LRT Station,
Kuala Lumpur. If Malaysia and Singapore is combined, OCBC will be the largest
financial institution around with a combined asset of USD100 billion. OCBC also
owns one of the largest insurance groups in Malaysia, the Great Eastern
Holdings. As for the worldwide operation, OCBC has an extensive network of
almost 400 branches in over 15 countries.
9. UOB Bank
Another
Singaporean bank, UOB Malaysia was incorporated in 1993 and later expanded its
wing by taking over the operation of Lee Wah Bank Limitied (LWB). The UOB
Malaysia bank today is a result of 2 further rounds of merger and acquisition
exercises. Presently, the UOB Bank operates throughout Malaysia, in over 40
locations across the country. In 2006, UOB was awarded Best Developed Market
Bank in Singapore by Global Finance, Best FIG Borrower in Asia by Euromoney and
Best Domestic Bank by Asiamoney.
10. RHB Bank
RHB is a
short form of Rashid Hussein Bank, who was recently acquitted from
mismanagement charge of the banks fund amounting to a few billion ringgits. The
RHB was born when Kwong Yik Bank and DCB Bank (Development and Commerce Bank)
merged in 1997. Today, the bank is the control of the EPF (Employee Provident
Fund) after a recent successful bidding. RHB offers Commercial Banking,
Corporate and International Banking services, and currently has more than 200
branch network across the country. To centralize its based hub, RHB built a
multi-million complex along Jalan Tun Razak, Kuala Lumpur which now becomes the
main head quarter.
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