HSBC shortchanging, Malaysians should ask for Bank Negara to intervene to prevent HSBC from closing its branches in Malaysia

1. The decision of HSBC Malaysia to close 13 branches in Malaysia is a reflection of their attitude and commitment towards the Malaysian economy and the wellbeing and convenience of its Malaysian customers.
2. HSBC is fond of making big statements of how it considers Malaysia an important market, and as to how it continues to invest in Malaysia. Reality though is that all HSBC is concerned about is its bottom line, after having misled its Malaysian customers and the central bank. It is unfortunate that Bank Negara, who is mandated to promote monetary and financial stability conductive to the sustainable growth of the Malaysian economy, has strayed from its role and is now working with HSBC in its efforts to exploit the Malaysian public.
3. HSBC, like other banks, offered Malaysians a certain business proposition when soliciting their business. One of it was the convenience of the proximity of a physical branch. As much as a lot of banking services have been digitalized, there are customers that still feel they want or need to visit a physical branch for services. After having obtained the business of their customers, HSBC is now altering the business proposition unilaterally.
4. A HSBC customer in Cameron Highlands is now being asked to travel to Ipoh for banking services. Similarly, the customer in Kuala Terengganu, Terengganu is to travel to Kota Bharu, Kelantan for banking services.
5. Is HSBC going to now reimburse customers who need to travel for their traveling costs? HSBC has got what it could in terms of building a customer base, and now holds customers to ransom. To transfer banking services from one bank to another inconveniences customers and cannot be done so easily. Banks such as HSBC know this and capitalize on their position when they can.
6. HSBC is a global exploiter of people and resources. They cannot be counted on for any relationship or contract. It’s commitment towards sustainability is farcical. It has divested its retail business in France, and it can easily do the same in Malaysia.
7. The risks of banking and the banking system in Malaysia rests with the Malaysian taxpayers. HSBC acts as though it owns Malaysian customers, and can dictate terms, based on what works for them.
8. HSBC is also unconcerned about depriving Malaysian workers of their employment. This has an adverse effect on the Malaysian economy, but HSBC is not here for Malaysia or Malaysians.
9. The egregious action of HSBC is putting profits over the customers and the livelihood of workers.
10. HSBC is in Malaysia to make profits at any expense.
11. Malaysians should ask for Bank Negara to intervene, to prevent HSBC from closing its branches in Malaysia.

J SOLOMON

GENERAL SECRETARY

22 JUNE 2021