Malaysia – Banking
Overview :-
The structure of the Malaysian financial system has evolved
to become less fragmented through consolidation and rationalization. Bank
Negara Malaysia (BNM), the country’s central bank, directed the merger of
Malaysia’s local banking institutions into ten anchor banks, which was
completed in 2002. The government encouraged further mergers among the local
banking institutions to ensure competitiveness with international banks. As of
2020, there are eight local banks in the country. BNM licenses and
regulates businesses such as commercial banking, investment banking, Islamic
banking, and money brokering.
Over the past year, more local banks are expanding their
operations into China and other ASEAN markets as greater intra-ASEAN trade and
investment have encouraged more banks to create a bigger presence regionally to
better serve their clients. As ASEAN economies mature, this will result in
higher demand for more sophisticated financial products, thus providing ample
opportunities and incentive for banks.
The Top Banks in
Malaysia Include:
Malayan Banking Berhad – Maybank
Maybank is the largest bank in the country in terms of total
assets and market capitalization. It is also one of the largest banks in Southeast
Asia. It provides a wide range of banking products and services through its
extensive network of 2,626 offices, spanning 10 ASEAN countries and global
financial centers.
In 2020, Maybank was ranked 106th in The Banker’s Top
1000 World Banks. Maybank Islamic, the bank’s Islamic banking arm, is the top
Islamic bank in the Asia-Pacific region. It is also the world’s fifth-largest
Islamic bank by assets. Maybank was founded in 1960, with headquarters in Kuala
Lumpur.
Net income: MYR 6.48 billion (2020)
Total assets: MYR 877.52 billion (3/2021)
CIMB Bank
CIMB Bank is the consumer banking unit of the CIMB Group.
The universal bank provides banking services, including consumer and wholesale
banking, strategic investments, and treasury and markets through a network of
1,080 branches.
Aside from Malaysia, the bank’s core markets include
Singapore, Thailand, and Indonesia. Established in 1972, CIMB Bank is based in
Kuala Lumpur, serving more than 13.5 million customers across the country.
Net income: MYR 988.29 million (2020)
Total assets: MYR 519.15 billion (2020)
Public Bank
Berhad
Founded in 1966, Public Bank Berhad is one of the largest
banks in Malaysia, as well as in Southeast Asia. It is the country’s largest
bank in terms of shareholders’ funds and the second-largest in market
capitalization.
Headquartered in Kuala Lumpur, the bank offers a range of
products and services such as personal and commercial banking, investment
banking, Islamic banking, sale and management of unit trust funds, share
brokerage, and insurance.
Net income: MYR 4.87 billion (2020)
Total assets: MYR 455.06 billion (3/2021)