Local Incorporation
Hongkong Bank Malaysia Berhad was incorporated on 1 October 1984. In 1 January 1994, the Malaysian branch operations of The Hongkong and Shanghai Banking Corporation were localised and transferred to Hongkong Bank Malaysia. The Hongkong and Shanghai Banking Corporation sold its Malaysian banking business to the intermediate holding company of the HSBC Group that time, but the bank still has the offshore banking unit in Labuan. Later, in conjunction with the HSBC Group's global rebranding exercise, the legal name HSBC Bank Malaysia Berhad was adopted on 23 February 1999. On 2 January 2009, HSBC Bank Malaysia was transferred to The Hongkong and Shanghai Banking Corporation from the bank's intermediate holding company, it became the subsidiary of The Hongkong and Shanghai Banking Corporation.
Read more about this topic: HSBC Bank Malaysia
Famous quotes containing the word local:
“Civility, which is a disposition to accommodate and oblige others, is essentially the same in every country; but good breeding, as it is called, which is the manner of exerting that disposition, is different in almost every country, and merely local; and every man of sense imitates and conforms to that local good breeding of the place which he is at.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)