A list of banks in Malaysia includes all Islamic banks, commercial banks, private banks, local banks, domestic banks, foreign banks, and financial institutions.
Malaysia is one of the largest economies and developed countries in the world. The country is rich in mineral resources, forestry sectors, and mining sectors.
Here are all the banks in Malaysia mentioned below with brief descriptions.
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About banks in Malaysia
Banks play a crucial role in the Malaysian economy, serving as financial intermediaries between individuals, businesses, and the government. Malaysia’s banking sector is regulated by the central bank of the country, Bank Negara Malaysia (BNM), which ensures the stability, soundness, and effectiveness of the banking system.
There are two types of banks in Malaysia: commercial banks and Islamic banks. Commercial banks provide traditional banking services, such as deposits, loans, and other financial services. Islamic banks, on the other hand, operate under Shariah principles and provide banking services that comply with Islamic law. Islamic banking has been growing in popularity in Malaysia, with more consumers choosing Islamic financial products over traditional ones.
There are also foreign banks operating in Malaysia, with several international banks have established their presence in the country. These banks play a significant role in providing financial services to multinational corporations and expatriates in Malaysia.
The banking sector in Malaysia has undergone significant transformation over the years, with the introduction of new technologies and regulations. Online banking and mobile banking have become increasingly popular, with many banks offering their customers convenient and secure ways to manage their finances. The Malaysian government has also introduced various initiatives to promote financial inclusion, such as the establishment of microfinance institutions and the provision of financial education programs.
Overall, the banking sector in Malaysia is well-developed and plays a vital role in the country’s economic growth. The regulatory environment is strong, and banks are well-capitalized, making them resilient to external shocks. With the continued growth of the economy and the increasing demand for financial services, the banking sector in Malaysia is expected to continue to expand and evolve in the coming years.
Central Bank Of Malaysia
Bank Negara Malaysia – Bank Negara Malaysia is the central bank of Malaysia that is based in Kuala Lumpur and was founded in 1959. The bank is empowered by the Parliament of Malaysia and the currency is the Malaysian ringgit. It offers services in Malaysia such as:
- issuing currency, credits, monetary policy
- acting as the banker of all banks
- advisor to the government of Malaysia
- operating the financial institutions
Banks In Malaysia
Here are the leading national, regional, and private banks in Malaysia given below.
Maybank which is known as Malayan Banking Berhad is the largest bank in Malaysia and also one of the largest banks in Southeast Asia and founded in 1960.
CIMB Group Holdings is one of the renowned banks in Malaysia that operates as universal services located in Kuala Lumpur and started in 2006.
Public Bank Herald is also one of the largest banks in Malaysia that provides different kinds of financial services in Southeast Asia since 1966.
RHB Bank is one of the Islamic banks in Malaysia that follows Shariah laws with services such as small business, corporate banking, and other financial services.
Hong Leong Bank is a major public bank among Asian banks that has multiple branches in the USA, Australia, Cambodia, Vietnam, China, etc.
AmBank is one of the largest banking groups in Malaysia that offers services such as retail banking, wholesale banking, Islamic banking, and more.
Bank Rakyat is a leading Islamic bank among Malaysian banks that was established in 1954 and has huge customers around the world.
Bank Islam is a Sharia-based bank among Malaysian banks that started its work in 1983 along with mobile banking and financial services.
Affin Bank is a public bank in Malaysia that has several branches around the country and globally and was established in 1975.
Alliance Bank is a national bank among Malaysian banks that services people with business banking, Islamic banking, and investment banking.
Bank Simpanan Nasional is a government-owned bank with financial services in Malaysia since 1974.
Bank Muamalat is a national bank founded in 1999 with various financial support for national and international customers.
Agrobank is a state-owned bank that is based on agriculture sectors under the policy of the Ministry of Agriculture and Food Industries.
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Foreign Banks In Malaysia
There are many foreign banks in Malaysia to serve the whole nation with banking services.
- BNP Paribas – BNP Paribas is the largest banking group in Europe that is based in France serving financial functions since 1848.
- Bangkok Bank – Bangkok Bank is one of the largest commercial banks located in Thailand and has many branches serving people globally.
- Bank of America – Bank of America is an investment bank of America that provides asset management, banking commodities, credit cards, etc.
- Bank of China – Bank of China is one of the largest commercial banks in the world that is owned majorly by the government of China.
- Bank of Tokyo-Mitsubishi UFJ – Bank of Tokyo is the largest bank in Japan that is also known as one of the megabanks in the country.
- China Construction Bank – China Construction Bank is one of the largest banks in the world and one of the banks in Big four banks in China.
- Deutsche Bank – Deutsche Bank is one of the largest multinational banks in the world that operates services from Fankfurt, Germany.
- HSBC Bank – HSBC Bank in Malysia is the largest foreign bank that is available with services personal, commercial, and global financing.
- Industrial and Commercial Bank of China – Industrial and Commercial Bank of China is one of the biggest banks in the world based in China started in 1984.
- J.P. Morgan Chase Bank – J.P.Morgan Chase Bank is one of the largest multinational investment bank that is based in America, founded in 2000.
- Mizuho Bank – Mizuho Bank is a Japan based largest financial services provider that is also known as one of the three megabanks in the country.
- OCBC Bank – OCBC Bank is a the sercond largest banks in South East Asia that is located in Singapore, was established in 1932.
- Standard Chartered Bank – Standard Chartered Bank is one of the most popular bank in the world that is available in Asia, Europe, and Middle East.
- Sumitomo Mitsui Banking Corporation – Sumitomo Mitsui Banking Corporation is a multinational bank that delivers services such as retail, corporate banking.
- The Bank of Nova Scotia – The Bank of Nova Scotia is one of the big five banks of Canada that has been awarded many times nationally and internationally.
- United Overseas Bank – United Overseas Bank is a Singapore based multinational bank that provides banking service globally since 1935.
Hence, banks in Malaysia represent the economical situation, growth and updates to the world.
Frequently Asked Questions:
1. Which bank is best in Malaysia?
There are many leading banks in Malaysia among them bests are Standard Chartered Bank, RHB Bank, Hong Leong Bank, etc.
2. What is the most popular bank in Malaysia?
MayBanks is one of the most popular bank in Malaysia, Again CIMB , RHB Bank are also largest banks according to the customers’ choice.
3. How many banks are there in Malaysia?
There are around 27 commercial banks, 11 investment banks, 18 Islamic banks and some non banking financial institutions in Malaysia.
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