Hong Leong Bank facts for kids
 |
|
Menara Hong Leong, the bank's headquarters
|
|
| Public limited company | |
| Traded as | MYX: 5819 |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=MYL5819OO007 MYL5819OO007] |
| Industry | Banking |
| Founded | 1905 (then called Kwang Lee Mortgage & Remittance company) |
| Founders | Lam Tee Chew (林子昭) and Lam Song Khee (林崧祺) |
| Headquarters |
Menara Hong Leong, 6, Jalan Damanlela, Bukit Damansara, 50490, Kuala Lumpur, Malaysia
|
|
Number of locations
|
226 branches |
|
Area served
|
Malaysia Singapore Hong Kong Mainland China Vietnam Cambodia United States Australia |
|
Key people
|
|
| Products | Financial services |
| Services | Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards |
| Revenue |  RM6.051 billion (Fiscal Year Ended 30 June 2020) |
|
Operating income
|
 RM2.075 billion (Fiscal Year Ended 30 June 2020) |
| RM1.654 billion (Fiscal Year Ended 30 June 2020) |
|
| Total assets | RM177.707 billion (Fiscal Year Ended 30 June 2020) |
| Total equity | RM20.985 billion (Fiscal Year Ended 30 June 2020) |
| Owner |
|
| Parent | Hong Leong Financial Group |
| Subsidiaries |
|
| Rating | Moody's: A3 Fitch Ratings: BBB+ |
Hong Leong Bank Berhad is a big banking group in Malaysia. It is known as HongLeong Bank and its shares are traded on the Malaysian stock exchange. The bank helps people and businesses with their money.
Contents
A Look at Hong Leong Bank's Journey
How It All Started
Hong Leong Bank began a long time ago in 1905. It started in a place called Kuching, in Sarawak, Malaysia. Back then, it was known as the Kwong Lee Mortgage & Remittance Company.
Two brothers, Lam Tee Chew and Lam Song Khee, started the company. They helped people by giving out loans. These loans were often for things like pepper and rubber, which were important products at the time.
The company also helped Chinese people living overseas send money back to their families in China. This was a very important service for many families.
Facing Challenges and Growing Stronger
The early years were tough for the company. There were big money problems around the world. The First World War started in 1914, which made people worried about money.
After the war, there was a recession from 1920 to 1921. A few years later, the Great Depression hit in 1929. This made it very hard for businesses, and many banks struggled.
But Kwong Lee Mortgage and Remittance Company survived these tough times. It had a lot of money saved up and was careful with its operations. This helped it stay strong when others failed.
Becoming a Bank and Expanding
Because it was so strong, the company officially became a public bank on October 26, 1934. It was then called Kwong Lee Bank.
The bank started opening more branches. A branch opened in Sibu in 1923, and another in Singapore in 1926. In 1937, a third branch opened in Sarikei.
The Second World War caused more problems for banks. But after the war, Kwong Lee Bank helped businesses get back on their feet. It gave them money to restart old businesses and create new ones.
In 1964, a bank from Singapore called Oversea-Chinese Banking Corporation (OCBC Bank) bought a big part of Kwong Lee Bank. They owned 52% of the bank. In 1973, Kwong Lee Bank opened another branch in Bintangor.
Reaching New Places
In 1977, a member of the royal family from Johor, Tunku Osman Ibni Tunku Temenggong Ahmad, became a shareholder. He bought 30% of the bank's shares.
After this, Kwong Lee Bank started to grow even more. It had five branches in Sarawak and one in Singapore. Then, it opened its first branch in Peninsular Malaysia in Kuala Lumpur in May 1978. Another branch opened in Johor Bahru that same month.
Over the next four years, six more branches opened in different towns. On January 1, 1982, the main office moved from Kuching to Kuala Lumpur.
New Owners and a New Name
In May 1982, a company called the MUI Group bought Kwong Lee Bank. The bank's name changed to Malayan United Bank Berhad in 1983, and later to MUI Bank Bhd. Under MUI, the bank grew from 11 branches to 35 branches.
Then, on January 3, 1994, the Hong Leong Group Malaysia bought MUI Bank Berhad. They renamed it Hong Leong Bank Berhad (HLBB). This was a big step for the bank.
HLBB became a public company on the Kuala Lumpur Stock Exchange on October 17, 1994. This meant people could buy shares in the bank. Since then, the bank has grown a lot.
In 2001, Hong Leong Bank merged with Wah Tat Bank. Hong Leong Finance also merged with Credit Corporation Malaysia. These mergers made Hong Leong Bank an even bigger banking group.
Joining Forces with EON Bank
On May 6, 2011, Hong Leong Bank announced that it had bought EON Capital Bhd's businesses. This made EON Bank part of the Hong Leong Bank Group.
This merger happened very quickly. It made Hong Leong Bank the fourth-largest bank in Malaysia. It had a total of 329 branches across the country.
What Hong Leong Bank Does
Banking for Individuals and Small Businesses
Hong Leong Bank offers many services to help individuals and small businesses manage their money. These services include:
- Loans for homes, cars, and personal needs.
- Ways to pay for things.
- Help with investing money.
- Insurance plans.
- Savings accounts and ways to send money.
Banking for Big Businesses
The bank also helps larger companies. It provides services like:
- Business bank accounts.
- Loans for buying assets or for daily operations.
- Ways to manage cash flow.
- Help with trade financing.
Special Investment Accounts
Hong Leong Islamic Bank (HLISB), which is part of Hong Leong Bank, has a special digital investment account. It's called the Portfolio Investment Account (PIA-i).
This account lets customers invest in funds that follow Islamic finance rules. It's all done through a digital platform, making it easy to use.
Where Hong Leong Bank Operates
Hong Leong Bank has branches and offices in several countries in Asia and beyond.
In Malaysia
- Hong Leong Bank Berhad
- Hong Leong Islamic Bank Berhad
In Singapore
- HL Bank Singapore
In Hong Kong
- Hong Leong Bank Berhad, Hong Kong Branch
In Vietnam
- Hong Leong Bank Vietnam Limited
In Cambodia
- Hong Leong Bank (Cambodia) PLC
In China
In March 2010, Hong Leong Bank teamed up with Bank of Chengdu Co., Ltd. (BOCD). They created a joint company called Sichuan Jincheng Consumer Finance Ltd Co (SJCF). This company helps people in Central and Western China with consumer loans. Hong Leong Bank owns 49% of this company.
- Bank of Chengdu Co., Ltd - Hong Leong Bank owns 18% of this bank.
