HSBC's legacy in Malaysia traces back to 1884 when the Hongkong and Shanghai Banking Corporation Limited established its first office in the country on the island of Penang. The strategic location and port facilities of Penang were key factors in attracting banks like HSBC, whose role was focused on fostering trade, and meeting international customer demands.

Penang itself was a major trade player in this period, and its port was one of the major entrepôts for Southeast Asia. Our first branch in Penang was developed to finance the tin trade (used for tinned food, amongst other things). The first Penang manager was J.P. Wade Gardner, who had a long and illustrious career with the bank and went on to manage our New York branch at the end of the 19th century. Penang’s Koe Guan Steamship Co. was one of HSBC’s earliest customers in Malaysia. By 1904, the shipping firm was the biggest in the country with steamers serving Southeast Asia and China.

In the 1890s, HSBC began issuing banknotes in Penang. This was done to address an acute currency shortage at the time and helped stimulate trade in the region and commercial prosperity for our clients.

The iconic corner of Beach Street and Downing Street has been synonymous with our presence for over a century, with our first building completed in 1906 after years of dedicated service from Logan’s Buildings, on the other side of Beach Street.

Over the years, HSBC has been an integral part of Penang’s fabric, with a focus deeply rooted in trade and investment and more recently, wealth management. Since opening our first office on the island 140 years ago, we have stood side-by-side with Malaysia, navigating both prosperous and challenging times together. And today, we continue to support our local and international clients from our offices across the country, including our five branches in Penang, which includes our historic 1 Downing Street branch in Georgetown from where we provide a comprehensive suite of retail and wholesale services.

There are several reasons for HSBC’s relentless optimism in Penang, including the fact that its importance endures and perhaps has taken greater significance.

Penang is an economic powerhouse with the highest GDP per capita amongst the states (excluding the Federal Territories). It is the country’s export engine with its world-class ecosystem of electrical & electronics players consisting of over 4,000 corporates. Penang remains a top choice for investments, attracting multinational corporations in quest of growth opportunities. Its global supply chain integration solidifies its position as a key destination for industry players. Penang is also a hotbed of entrepreneurship across many sectors, further contributing to Penang’s growth and dynamism.

And partly because of this, Penang attracts good talent from all around Malaysia and beyond. Combined with its natural beauty and food, it's no wonder why both talent and tourists flock to Penang.

Penang also has an extensive and outstanding set of logistic infrastructure across land, sea, and air. The modernisation of Penang continues with the efforts around water and electricity as well as land reclamation for the island and the development of industrial parks and residential areas on the mainland side coupled with the exciting plans around public transport.

All of this is a reflection of the capable and responsible leadership within Penang’s administration from the time of Tun Dr Lim Chong Eu and to the current Chief Minister, Chow Kon Yeow's tenure.

The financial sector is vital to Penang’s development. This is especially the case in areas such as fostering the expansion of trade and investment between Penang and the wider world, catalysing strategic investments to support the development of key industries, and addressing the financial needs of consumers while also helping them to manage, protect and grow their wealth.

As a leading international bank, established in the country, in Penang, 140 years ago, HSBC has and is playing a significant role in bringing the world to Malaysia and Malaysia to the world, facilitated by our unparalleled international network spread across 60 countries and our deep roots and intergenerational connectivity here. The bank’s capacity to adapt and grow with the times and customer-centric approach have been major contributors to our long-standing success in the country. We are one of the few banks that can evolve with our customers as they progress in their life journey.

And while we are proud of our long history in Malaysia, we are even more excited about what lies ahead. As we look to the future, we are resolute in our commitment to drive success and continue to open up a world of opportunity for Penang and Malaysia in the arena of international trade and wealth management for years to come.

Connecting The World. 140 Years And Beyond.