HSBC denies shutting down Malaysian operations

Rumours of the closure have spread on social media, but apparently, this isn’t the first time it’s happened

HSBC denies shutting down Malaysian operations

Insurance News

By Gabriel Olano

HSBC Bank Malaysia Bhd has denied reports that it is shutting down its operations in the country after parent company HSBC Holdings plc reduced its global workforce by 100 senior positions.

“There’s no truth to it,” a representative of HSBC told The Sun Daily, adding that this is not the first time such rumors have circulated and that the bank does not respond to such speculation.

The said rumors have circulated in Malaysian social media, saying HSBC is losing billions of dollars globally and is likely to close down “like the Lehman Brothers.”

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HSBC’s latest workforce reduction is said to stem from uncertainty in the bank’s London headquarters after the United Kingdom decided to leave the European Union. More popularly known as Brexit, the move could be disruptive to the global bank’s business.

The bank will be releasing its results for financial year 2016 on Tuesday, February 21, 2017.

HSBC Bank Malaysia offers personal and commercial banking services, including life, health, home contents, and educational insurance. It has over 4,000 employees in over 60 branches across Malaysia. Around a third of those branches are part of HSBC Amanah Malaysia Bhd, which offers Islamic financial services such as takaful.

The bank’s presence in the Malaysian market stretches back to 1884, with the opening of its first office in the country on Penang Island.

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