Hong Leong Bank opens Labuan International branch

Hong Leong Bank (HLB) has established Hong Leong Bank Bhd, Labuan International Branch (HLBLIB), in an effort to expand its regional footprint.

Group Managing Director and Chief Executive Officer Domenic Fuda said the branch at the Labuan International Business and Financial Centre (LBFC), is aimed at facilitating the expansion and enhancing collaboration between Malaysia and regional operators, while boosting cross-border business opportunities.

"As part of our strategic direction to grow and expand franchises within ASEAN, we seek to establish a competitive presence in the international trade and banking services, capitalising on LBFC's unique platform," Fuda said in a statement here today.

HLBLIB's business strategy is centered on two segments, namely Business and Corporate Banking in light of the proliferation of intra-ASEAN trade business facilitation needs and Global Markets capabilities for cross-border intermediation of treasury deals, transactions, funding needs, trade and payment flows, investment opportunities and wealth flow business.

Fuda said the group is steadfast in strengthening and deepening its presence in regional markets operating through its branches and offices in Singapore, Hong Kong, Vietnam and Cambodia with investments in China.

LBFC offers a wide range of business and investment structures to facilitate cross-border transactions, business dealings and wealth management needs.

For the 2016 financial year, international operations continued to make a significant contribution to the Group's profit, Fuda said. -- BERNAMA