Malaysia is a robust country with a strong financial sector, boasting some of the biggest banks in Southeast Asia. These banks offer banking services to both local and international customers, providing retail banking, corporate banking, investment banking, Islamic banking, and asset management services. This article will look at the top 10 biggest banks in Malaysia based on total assets.

What are the Biggest Banks in Malaysia?

The banking sector in Malaysia has long been an integral part of its economy. As the country continues to grow and prosper, its financial institutions are also expanding and modernizing. Below this article, we will look at the ten biggest banks in Malaysia in 2023 based on their total assets. We will also examine their size, market share, services, and why Malaysians patronized them. From traditional banking services to innovative digital solutions, these banks have something to offer everyone.

1. Maybank Malaysia

Total Asset: RM 888 Billion (Annual report 2021 financial statement)

Malaysia has a thriving banking sector with a number of major players. Among these, Maybank Malaysia is the biggest bank in the country, with total assets of RM 888 billion. The bank has an extensive network of branches and ATMs across the country, allowing customers easy access to its services.

Maybank Malaysia is also very active in corporate and investment banking activities, providing capital markets services for institutions and individuals. It offers a range of products across retail banking, business banking, Islamic banking, private wealth management, and international operations. Their digital offerings are also increasingly popular among customers as they seek better convenience and improved user experience online.

The bank’s customer base continues to grow as more people discover its wide range of products and services and its high service quality standards.

About Maybank Malaysia

As a customer of Maybank, you can be assured that your money is safe and secure. The bank has been rated as having some of the highest standards of security among the leading banks in Malaysia, along with offering competitive interest rates on their products. With over 50 years of experience in the industry, they have gained extensive knowledge and expertise when it comes to creating tailored solutions that meet customers’ needs and expectations.

The bank also offers convenient features such as online banking, cashless debit cards, mobile applications, and other innovative digital solutions which allow customers to manage their accounts quickly and easily at any time. In addition to this, Maybank’s customer service team is available 24/7 for all queries and concerns related to their products or services.

2. CIMB Group

Total Asset: RM 672.4 Billion (Annual report 2021 financial statement)

Malaysia is home to many large banks, but CIMB Group stands out as the country’s second-largest bank. With total assets of RM 672.4 billion in 2021, CIMB Group is a major player in the banking and finance industry. Founded in 1959, CIMB has grown to become one of Malaysia’s leading financial services providers, with a presence throughout Asia and the Middle East.

CIMB offers a wide range of products and services for individuals, businesses, and institutions alike. Its retail banking arm provides personal loans, savings accounts, mortgages, mutual funds, insurance policies, and other financial services to individuals. For businesses, it offers corporate banking solutions such as trade financing and cash management services.

About CIMB Group

CIMB Group is one of the biggest banks in Malaysia, and it has earned a special place in the hearts of many Malaysians. It’s easy to see why – CIMB offers an impressive range of products and services that have been tailored to meet the needs of its customers. From personal banking to investment options, CIMB makes it simple for Malaysians from all walks of life to manage their finances effectively.

What really sets CIMB apart from other banks is its commitment to customer service excellence. With experienced staff on hand at over 600 branches throughout the country, customers can receive help quickly and efficiently when they need it most. CIMB also offers helpful online resources such as educational materials and calculators so customers can make informed decisions about their financial future.

3. Public Bank Berhad

Total Asset: RM 462 Billion (Annual report 2021 financial statement)

Malaysia is known for its strong and reliable banking sector, with a number of large financial institutions offering their services to the public. One of the biggest banks in Malaysia is Public Bank Berhad, which ranks third among the largest banks in the country according to total assets. As of December 2021, Public Bank Berhad had an impressive RM 462 billion worth of total assets under its name.

This makes Public Bank Berhad one of the most valuable financial institutions in Malaysia, thanks to its wide range of products and services it offers to customers. From retail banking and wealth management to insurance and corporate finance, Public Bank Berhad has been serving Malaysians since 1966 with high-quality banking solutions that are designed to meet their needs. The bank also provides excellent customer service – making it a popular choice for those who want access to reliable banking services.

About Public Bank Berhad

Malaysians have enjoyed the services of Public Bank Berhad for decades. As one of the biggest banks in Malaysia, it has become increasingly popular among Malaysians due to its wide range of financial products and services. From savings and current accounts to personal loans, credit cards, mortgages, and more, Public Bank offers something for everyone.

In addition to providing a wide range of banking services, Public Bank Berhad is also known for its customer service excellence. They offer 24/7 customer support that is always ready to answer any inquiries or provide assistance with banking matters. The bank also prides itself in offering competitive interest rates on its loan products as well as low fee structures on its credit cards and other financial services. This makes them even more attractive to many Malaysians who are looking for an affordable yet reliable option when it comes to managing their finances.

4. RHB Bank

Total Asset: 257 Billion (Annual report 2021 financial statement)

Malaysia’s top four banks are the biggest when it comes to total assets in the country. Coming in at number four is RHB Bank, with a total asset of 257 billion, making it one of the most important financial institutions in Malaysia.

RHB Bank is known for its wide range of services, from retail banking to corporate banking and mortgage services. It also has an international network that is present across ASEAN countries as well as London and Hong Kong, which further strengthens its presence and portfolio.

The bank provides comprehensive products and services such as deposits, loans, investments, foreign exchange trading, insurance coverage and much more. With these offerings, RHB Bank has established itself as an integral part of the Malaysian banking landscape.

About RHB Bank

RHB Bank, one of the biggest banks in Malaysia, has become a household name due to its exceptional services and products. Malaysians love RHB Bank for the numerous banking solutions it offers, from loans and credit cards to investments and insurance policies. The bank’s team of knowledgeable experts also provides helpful advice on financial planning, allowing customers to make smart decisions about their finances.

Malaysians have come to trust RHB Bank for its commitment to customer service. Customers are offered customized banking solutions that match their needs – whether they require assistance with retail or corporate banking matters. In addition, all transactions are secured by cutting-edge technologies such as biometric authentication and data encryption technology for added security and peace of mind.

5. Hong Leong Bank

Total Asset: RM 237 Billion (Annual report 2021 financial statement)

Malaysia is home to some of the biggest banking institutions in the world. With an estimated total asset of RM 237 billion, Hong Leong Bank (HLB) is among them, ranking fifth on the list. As one of the oldest local banks in Malaysia, HLB has been providing a wide range of financial services for over 100 years.

The bank offers competitive products and services that cater to both individuals and businesses alike. From savings accounts to credit cards and business loans, HLB provides a comprehensive suite of banking solutions tailored to its customers’ needs. Furthermore, it also offers online banking facilities that enable customers to make payments conveniently from their smartphones or computers at any time. Other than its extensive network across Malaysia with numerous branches and ATMs, HLB also has an overseas presence in Singapore, Cambodia, China, and Vietnam too.

About Hong Leong Bank

Hong Leong Bank is one of the biggest banks in Malaysia and has won many Malaysians’ hearts. Established in 1905, Hong Leong Bank has been a reliable partner to Malaysians for more than a century now. Known for its excellent customer service and wide range of innovative financial solutions, it is no wonder why Malaysians are so fond of this bank.

From providing home loans with flexible repayment plans to personal banking services that offer high-return savings accounts, Hong Leong Bank offers customers various options to make their lives easier. Additionally, its digital banking platform allows customers to access their funds anywhere, anytime. With these privileges and the convenience that comes with banking at Hong Leong Bank, it is easy to understand why many Malaysians have chosen them as their preferred bank.

6. AmBank

Total Asset: 180 Billion (Annual report 2021 financial statement)

Malaysia is home to some of the biggest banks in the world. The Malaysian banking system provides a range of financial services and products. With total assets of 180 billion, AmBank is number 6 on the list of the biggest banks in Malaysia.

Established in 1975, AmBank has come a long way since its inception. It offers various services, from retail banking to corporate banking and from wealth management to insurance solutions for individuals, families, and businesses alike. Over time, it has grown into one of Malaysia’s most trusted names in banking and finance. Its service quality is second to none, as evidenced by its strong customer base across the country.

AmBank also boasts one of the strongest balance sheets among other local banks, with total assets worth over 180 billion at the end of 2021.

About AmBank

AmBank is one of the biggest banks in Malaysia, and it’s easy to see why Malaysians love the services they offer. From an expansive network of branches nationwide to a long list of products and services that cater to almost every type of banking need, AmBank has made its mark as one of the most reliable financial institutions in the country.

The bank takes great pride in providing excellent customer service that caters to individuals and businesses. For individual customers, they provide several different types of accounts with features such as free ATM access, discounts on selected purchases, online banking platforms for convenience, and even loyalty rewards programs that allow customers to earn extra rewards points when using their cards or accounts.

7. UOB Malaysia

Total Asset: RM 128 Billion (Annual report 2021 financial statement)

Malaysia is home to some of the biggest banks in Southeast Asia. With total assets of RM 128 billion, United Overseas Bank (UOB) Malaysia ranks seventh on the list of largest banks in Malaysia. UOB has maintained its status as one of the top players in the Malaysian banking industry, with a thriving presence across the country.

Established in 1935 by Datuk Wee Kheng Chiang, UOB has grown to become one of the most respected financial institutions in Malaysia and beyond. The bank’s impressive portfolio includes retail and corporate banking services, wealth management solutions, and investment options for individuals and companies. UOB also offers various digital banking services, such as online transfers, mobile payments, and e-wallets.

About UOB Malaysia

UOB Malaysia is one of the biggest banks in the country, and Malaysians love it for various reasons. UOB has a wide range of products and services that cater to every customer’s banking needs. From traditional banking products such as savings accounts, current accounts, and loans to more specialized services such as corporate banking solutions and wealth management, UOB Malaysia has something for everyone.

One of the main advantages of using UOB is the competitive interest rates offered on savings accounts. This allows customers to maximize their returns while keeping their money safe with one of the most trusted banks in Malaysia. Their online banking platform also makes it easy to manage finances from the comfort of your own home or office.

8. Bank Rakyat

Total Asset: RM 115 Billion (Annual report 2021 financial statement)

Malaysia’s banking industry is among the most developed and competitive in the region. As of 2021, the country boasts a total of 19 commercial banks, 4 foreign bank branches and 4 Islamic banks. One of these local institutions is Bank Rakyat, which has been providing financial services since 1954. With its total asset reaching RM 115 billion, Bank Rakyat is currently ranked seventh on the list of biggest banks in Malaysia.

The bank provides a wide range of products, such as deposit accounts, loans, and credit cards to customers across Malaysia. It also offers financing for businesses ranging from small enterprises to large corporations. Given its expansive network throughout Malaysia, Bank Rakyat serves more than 6 million customers nationwide with over 500 branches nationwide as well as through its digital banking platform.

About Bank Rakyat

Bank Rakyat is one of the biggest banks in Malaysia, and it’s easy to see why Malaysians love it. The bank offers a plethora of services that make it convenient and affordable for its customers. From personal banking solutions such as current accounts, savings accounts, loans, and debit cards to Islamic banking products such as Al-Wadi’ah Current Account and Mudharabah Savings Account, Bank Rakyat has customers covered.

On top of its extensive product portfolio, Bank Rakyat also provides several digital services that make managing finances easier for its customers. Through the bank’s mobile app, users can easily check their account balance or transfer funds from any location at any time. Additionally, the app also comes with features like budgeting tools and expense trackers so users can stay on top of their finances.

9. OCBC Bank Malaysia

Total Asset: RM 98 Billion (Non-Audited report September 2022 financial statement)

Malaysia’s banking sector has grown significantly in recent years, and the country now boasts some of the biggest banks in Southeast Asia. According to a non-audited financial statement from September 2022, OCBC Bank Malaysia has secured its place as one of the top nine largest banks in the nation, with total assets of RM 98 billion.

OCBC Bank Malaysia is part of Singapore-based Oversea-Chinese Banking Corporation Limited (OCBC), and it provides a range of commercial and consumer banking services to customers throughout Malaysia. With over 6 million customers, this bank continues to expand its presence across the country through its wide network of branches, digital banking platforms, and automated teller machines (ATMs). In addition to traditional banking products such as savings accounts, current accounts, mortgages, and loans, OCBC Bank Malaysia offers innovative solutions such as online trading platforms for investors.

About OCBC Bank Malaysia

OCBC Bank Malaysia is one of the biggest banks in Malaysia, and for a good reason. Malaysians love OCBC Bank for its excellent customer service, convenient digital banking options, and a wide array of financial products and services. With decades of experience and knowledge in the banking field, OCBC has become one of the most trusted names among Malaysian consumers.

Their products include savings accounts, credit cards, investment opportunities, insurance policies, loans, and other financial solutions. Customers can find whatever they need at OCBC Bank Malaysia, from personal to business banking needs. In addition to this extensive selection of services and products, their customer service team provides prompt assistance whenever needed. Plus, with their digital banking platforms, users can carry out transactions anywhere anytime, with just one click. Malaysians love that they get all these prestigious services from one single bank-OCBC Bank Malaysia!

10. HSBC Bank Malaysia

Total Asset: RM 94 Billion (Unaudited Condensed Interim Finance Statement June 2022)

Malaysia is home to some of the largest banks in the world, with total assets valued at billions of Malaysian ringgit (RM). According to a recent unaudited condensed interim finance statement issued in June 2022, the biggest banks in Malaysia are led by Malayan Banking Berhad (Maybank), with total assets estimated at RM 215.2 Billion. This is followed by Public Bank Berhad (RM 142.7 Billion) and CIMB Group Holdings Berhad (RM 126.6 Billion).

At number ten is HSBC Bank Malaysia, with total assets estimated at RM 94 Billion as per the June 2022 statement. With a presence all over the country since 1994, HSBC has provided its customers with a range of banking services for nearly three decades.

About HSBC Bank Malaysia

HSBC Bank Malaysia is one of the biggest banks in Malaysia and has been providing banking services to Malaysians since 1994. It has become a household name for banking services in the country, and for a good reason. The bank offers a wide range of banking services such as loans, credit cards, deposit accounts, and more, making it ideal for Malaysians to access their money anytime and anywhere.

Malaysians love HSBC Bank Malaysia because of its top-notch customer service. The bank’s staff are always willing to assist customers with any query or issue that they might have, making sure that they feel taken care off while using the bank’s services. On top of this, HSBC Bank Malaysia also provides competitive rates on products like loan interest rates or foreign currency exchange rates, making them attractive for Malaysians looking for value when accessing financial services.

The Future of Banking in Malaysia

The banking industry in Malaysia is already one of the most prominent in Asia, but what does the future hold? With technology advancing at an incredible rate and with more digital solutions becoming available to consumers, banks will have to stay ahead of the curve if they want to remain competitive in 2023.

The top 10 biggest banks in Malaysia are expected to remain largely unchanged from today’s industry. However, it is highly likely that their size and market share will expand as they take advantage of new technologies such as blockchain and artificial intelligence. These developments could revolutionize banking services by allowing customers access to faster payments and improved security measures. Additionally, financial institutions may focus more on customer experience by offering personalized services tailored to each individual’s needs.

Malaysian banks must adapt quickly to changing regulatory requirements and consumer trends to stay ahead of competitors.

What are the Trends in Banking in Malaysia

Since the liberalization of Malaysia’s banking sector in two decades ago, the country has witnessed rapid growth in its banking industry. With more and more people opting for digital services and mobile banking, there is an ever-increasing demand for advanced services. In light of this, banks are looking to tap into technological innovation to remain competitive.

As such, developing sophisticated technology to enhance customer experience is one of the emerging trends in Malaysia’s banking sector. This includes offering online applications that allow customers to quickly open accounts or apply for loans without visiting physical branches. Additionally, big data analytics and artificial intelligence are being used to understand customers’ needs and preferences better so as to tailor suitable products and services accordingly.

On top of that, banks are also embracing the growing trend towards cashless payments by introducing contactless cards and payment systems such as Apple Pay.

Conclusion: Top 10 Biggest Banks in Malaysia 2023

In conclusion, the top 10 biggest banks in Malaysia based on total assets have been outlined. This list highlighted how the banking industry in Malaysia has grown and developed over recent years, positioning the country as a major banking hub in the region. With its growing economy, Malaysia is an attractive prospect for anyone looking to invest or open a bank account.

The biggest banks in Malaysia are a testament to the country’s economic growth and development, with their impressive variety of features, services, and products leading the way in financial innovation. In addition, they have significant resources that help ensure that customers’ financial needs are met with convenience and affordability. These banks are well-positioned to face the ever-changing landscape of digitalization and globalization in the banking sector.

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