KUALA LUMPUR (Dec 15): Hong Leong Bank Bhd (HLBank) has established its Hong Leong Bank, Labuan International Branch (HLBLIB) in the Labuan International Business and Financial Centre (LBFC) to expand its regional footprint.

In a statement today, HLBank said HLBLIB's business strategy is centred on two fronts — the business and corporate banking segment 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.

HLBank group managing director and chief executive officer Domenic Fuda said the establishment of HLBLIB aims to facilitate regional expansion as Labuan becomes increasingly significant to enhance the collaboration between its Malaysian and regional operations and cross-border business opportunities.

"As part of our strategic direction to grow and expand our franchises in the ASEAN region, we seek to establish a competitive presence in the international trade and banking services in LBFC, capitalising on its unique platform to access global market opportunities and international funding," said Fuda.

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

It said these elements offer structural options for regional businesses expanding globally vis-à-vis global businesses penetrating Asia's growing markets.

In addition to this, the Hong Leong Financial Group is steadfast in strengthening its regional footprint and expects to continue to deepen its presence in regional markets through branches and offices around ASEAN — namely in Singapore, Hong Kong, Vietnam and Cambodia — with investments in China, it added.

HLBank said for the 2016 financial year, international operations continued to make a significant contribution to the group's profit.