HSBC's presence in Malaysia dates back to 1884 when the Hongkong and Shanghai Banking Corporation Limited established its first office in the country, on the island of Penang, with permission to issue currency notes. In 1959 it bought the Mercantile Bank, which started operations in Malaysia in 1860.
HSBC opened its office in Malacca in 1909 and by the end of 1912, offices had opened in Ipoh, Kuala Lumpur, Johor Bahru and Kota Bharu.
During the 1920s and 1930s, the bank opened more branches in several states - Sungai Petani branch in 1922, Kuantan in 1929, Muar in 1930, and Kuala Terengganu in 1936.
In Sabah, the first branch opened in Kota Kinabalu in 1947. Branches were set up in Sandakan and Tawau a year later, followed by Labuan in 1957. In Sarawak, branches opened in Kuching in 1958 and 1964 and in Sibu in 1959. In 2006, HSBC was the first foreign bank to be awarded a licence to operate a Takaful (Islamic insurance) business in Malaysia. HSBC Amanah Takaful (Malaysia) Sdn Bhd - a joint venture between HSBC Insurance (Asia-Pacific) Holdings Limited (49 per cent shareholding), Jerneh Asia Berhad (31 per cent shareholding) and Employees Provident Fund Board of Malaysia (20 per cent shareholding) - commenced operations in August 2006.
In 2007, HSBC Bank Malaysia was the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence in Malaysia, and HSBC Amanah Malaysia Berhad, an Islamic bank wholly owned by HSBC Bank Malaysia, commenced operations in August 2008. HSBC in Malaysia has a network of more than 60 branches, of which a third are HSBC Amanah Malaysia Berhad branches.
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Based on a Cardholder that spends RM1,500 / month for a year