HSBC BANK MALAYSIA BERHAD’S 130 YEARS PRESENCE IN MALAYSIA DEPRIVES A LOCAL CEO
HSBC's presence in Malaysia, as the Hongkong and Shanghai Banking Corp. Ltd, dates back to 1884. Subsequently, Hongkong Bank Malaysia Berhad, incorporated in 1984, became the first foreign -owned financial institution to be localised, in 1994. A new name HSBC Bank Malaysia Berhad was adopted in 1999, becoming the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence, called HSBC Amanah Malaysia Berhad, in 2007.
Yet, during these 130 years, HSBC Bank Malaysia has not found it fitting for a Malaysian to assume the role of a Chief Executie Officer (CEO), despite proven Malaysian talent heading some of the largest conglomerates both locally and internationally.
HSBC Bank, given all the privileges by the Malaysian Government, wishes to continue with its colonial mindset, siphoning Malaysian wealth to United Kingdom, while increasingly depriving its workers of job security.
• Why hasn’t HSBC Bank groomed local talent for CEO positions?
• Why hasn’t the Malaysian Government sought to ensure a Malaysian CEO heads the HSBC Bank after all these years? Has the Malaysian Government determined that there a dearth of talent in the country?
• Has the Malaysian Government granted HSBC Bank immunity to its recruitment of CEOs in its Malaysian operations?
• What happened to all the initiatives and promises made by the government on K- economy, on transfer of knowledge and technology?
• Isn’t our higher education and training system, including Talent Corp and Bank Negara Malaysia, grooming high-calibre talent for the banking and finance industry, capable of leading HSBC Bank Malaysia Berhad as its CEO?
While it is time HSBC Bank Malaysia discards its colonial mindset and empower a Malaysian to head the Malaysian operations, the Malaysian Government and the leadership of HSBC Bank Malaysia Berhad owe a legitimate explanation to all Malaysians as to why after 130 years and 64 years of independence, a Malaysian has not been given the opportunity to be the CEO of the bank.
15 JULY 2021