Kuala Lumpur, 15 December 2016
Hong Leong Bank (“HLB” or “the Bank”) announced today the establishment of its Hong Leong Bank Berhad, Labuan International Branch (“HLBLIB”) in the Labuan International Business and Financial Centre (“LBFC”) in a move to expand its regional footprint.
HLBLIB business strategy is centred on two fronts – the Business and Corporate Banking segment in light of the proliferation of intra-ASEAN trade business facilitation needs, and Global Markets capabilities for cross-border intermediation of treasury deals, transactions, funding needs, trade and payment flows, investment opportunities and wealth flow business.
“The establishment of the HLBLIB aims to facilitate regional expansion as Labuan becomes increasingly significant to enhance the collaboration between our Malaysian and regional operations and cross-border business opportunities. As part of our strategic direction to grow and expand our franchises in the ASEAN region, we seek to establish a competitive presence in the international trade and banking services in LBFC capitalising on its unique platform to access global market opportunities and international funding,” said Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB.
LBFC offers a wide range of business and investment structures facilitating cross-border transactions, business dealings and wealth management needs. These elements offer structural options for regional businesses expanding globally vis-à-vis global businesses penetrating Asia’s growing markets.
In addition to this, the Hong Leong Financial Group is steadfast in strengthening its regional footprint and expects to continue to deepen its presence in regional markets through branches and offices around ASEAN – namely in Singapore, Hong Kong, Vietnam and Cambodia with investments in China. For the 2016 financial year, international operations continued to make a significant contribution to the Group’s profit.
About Hong Leong Bank Berhad
Hong Leong Bank Berhad is one of the leading financial services organisations in Malaysia. With a heritage of more than 100 years, it provides comprehensive financial services covering consumer banking, business banking and trade finance, treasury, branch and transaction banking, wealth management, private banking and Islamic financial services. Its merger with EON Bank Group in 2011 has further embedded its position as a core banking franchise with an expanded distribution network of more than 300 branches across the country.
With a proven track record in value creation and a highly recognised brand, Hong Leong Bank has also been extending its footprint in the region, with branches in Singapore and Hong Kong and wholly owned subsidiaries in Vietnam and Cambodia. In China, the Bank has a 20% shareholding in Bank of Chengdu Co., Ltd., Sichuan and a consumer finance joint venture.
Hong Leong Bank is a subsidiary of Hong Leong Financial Group Berhad, the financial services arm of the Hong Leong Group. Apart from banking, Hong Leong Financial Group is involved in the provision of insurance and takaful, as well as investment banking, unit trust, fund management and stock broking services.