HSBC Holdings has named Omar Siddiq from CIMB Group Holdings to head its Malaysian unit. Siddiq will become the first Malaysian to run the local HSBC unit, replacing current Malaysia CEO Stuart Milne, who is retiring at the end of March. Siddiq reportedly resigned from CIMB to “pursue a different opportunity”. He has been with CIMB for more than three years, following stints at RHB Bank, Malaysia Airlines, and the country's sovereign wealth fund Khazanah Nasional. HSBC’s presence in Malaysia dates back to 1884 when it set up its office in Penang. The UK lender's local unit was the first to be given a licence to operate a takaful, or Islamic insurance business, and the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence in Malaysia.
top of page
bottom of page