Dec 14 2011 |
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Amanah ups its presence
By Nicky Burridge HSBC plans to double the number of branches its Islamic banking arm, HSBC Amanah has in Malaysia as it looks to build a $1bn business in the country and neighboring Indonesia.The group has identified the two countries as key markets in Asia that will help drive its growth in the coming four to five years, and it is keen to take a lead in the region's booming Islamic finance sector.
Chief executive Stuart Gulliver said HSBC planned to invest aggressively to increase its operations in Malaysia following the government's decision to expand Kuala Lumpur as an Islamic finance hub.
HSBC is already the largest foreign bank in Malaysia and Indonesia, which are both major markets for Amanah.
The group plans to continue to build on this momentum in both its conventional and Islamic banking divisions, and aims to have $1bn of business in the two countries within four years.
A HSBC spokesperson told The Islamic Globe: "Whilst we will focus on building global commercial banking capabilities and expand wealth management, as well as deepen local corporate relationships, we will also leverage on global Amanah capabilities to [take a] lead in Islamic banking."
She added: "HSBC is continuously expanding its Amanah branch network to cater to individual and commercial customers, and it is also participating in Sukuk transactions, deals, and project financing [in the region]."
HSBC currently has 42 conventional and 13 Amanah branches in Malaysia, and it plans to double the number of its Amanah outlets to 26 by the end of next year.
It has 139 branches in Indonesia, including its subsidiary Bank Ekonomi, with five Amanah outlets within conventional branches.
© The Islamic Globe 2011
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