HSBC defends collaboration with Invest Penang


HSBC Bank Malaysia Bhd (HSBC) says it would continue collaborating with the National Union of Bank Employees (NUBE).

“Given some of the issues raised or disputed by NUBE are currently being reviewed in the Malaysian courts, we reserve our comments on the same except to reiterate that HSBC continues to be bound by all applicable laws and regulations in all the countries in which we operate,” the bank said in a statement.

HSBC would also be providing opportunities to its employees to train, upskill and obtain qualifications so they would have the skills for both current and future jobs.

“Additionally, our USD250 million investment in our new head office at Tun Razak Exchange (TRX) signifies our enhanced focus on flexibility enabled through a hybrid working model while providing a fit for purpose modern working environment, integrating the highest standards of environmental sustainability,” it said.

HSBC is also transforming to meet the evolving demands of its consumers as digitalisation is now important in every sector.

Therefore, they have invested worth USD40 million from 2021 to 2023 to equip their branches with enhanced digital capabilities and new technology.

“This is in addition to the USD18 million that was invested from 2018 to 2020 and will further enable us to develop innovative branch formats and champion new ways of serving our customers while supporting their financial journeys,” it added.

The bank also aims to connect Malaysia to the world through its extensive collaborations with Federal and State government investment promotion agencies and chambers of commerce in the country.

HSBC is also supporting the government in recovering and growing Malaysia.

“Malaysia is a priority growth market for HSBC Group globally and we are committed to continuing to serve the Malaysian economy as we have done for more than 130 years.

“Attracting high quality investments is crucial to support Malaysia’s path to recovery, fulfilling its ambition of creating quality jobs while facilitating sustainable development,” it said.

Yesterday, NUBE urged the Penang state government to review its Memorandum of Understanding (MoU) with the bank.

Through the MoU, InvestPenang would bring high-quality foreign direct investments into the island.

However, NUBE felt that this is a betrayal to Penang’s workers and citizens after HSBC’s repeated actions to undermine workers rights in the country.

According to its secretary general J Solomon, HSBC has broken labour laws and regulations after laying off its employees during the Covid-19 pandemic as well as closing many branches.

Therefore, he believes that the bank should not be allowed to engage in Penang’s economic development.

“NUBE strongly believes that it is in the best interest of all parties to end this collaboration between InvestPenang and HSBC Bank.”

“By going forward with this, NUBE is convinced that the Penang state government is taking a stand against workers’ rights and the truth. Any institution that stands against the truth will not last; all gains will be lost, and the harm done to others will soon be inflicted on oneself,” Solomon said in a statement.