Do you want to open an account or a personal loan like a debt consolidation loan at HL Bank Singapore but are curious about its historical background and origin?
Well, you’re not the only one!
Many people in Singapore require financial assistance, and a bank like HL Bank is among the prime choices. However, before you do set up an account or take a loan, prepare yourself for a thrilling expedition through its exciting history.
You’ll uncover some intriguing, little-known facts that will leave you eager to learn more! Are you ready?
Then, it’s time to proceed forward!
HL Bank Singapore’s Momentous Beginning
Did you know that HL Bank stands for Hong Leong Bank?
Its roots grow deep and powerful in Malaysia’s vibrant Kuching, Sarawak. It was founded in 1905 by Mr Lam Ji Chiew, a well-known entrepreneur and philanthropist.
The bank, by then, was not a bank but only a tiny and modest enterprise named Kwong Lee Mortgage & Remittance Company. It initially provided and lent money to its borrowers against export commodities, such as rubber, pepper, and other indigenous goods; as a remittance company, its exceptional service is to remit money throughout Southeast China to all overseas Chinese.
The HL Bank’s journey in the industry was rough and challenging. It was especially prominent during eras of economic crises, including:
- The First World War (1914)
- Post-war Recession (1920-1921)
- The Great Depression (1929-1933)
- The Second World War (1942-1945)
The humble company endured and survived all setbacks. It was all due to the enterprise’s traditionalistic operating policies with reasonably robust cash reserves.
Nevertheless, it became a dominant powerhouse and has touched many lives needing financial assistance for over a century!
HL Bank Singapore’s New Chapter
HL Bank back then wasn’t yet a bank. It was a mortgage and remittance company, later known in 1934 as the Kwong Lee Bank Limited. It was still bearing the oldest financial institution’s Malaysian heritage.
However, the company continued its financing assistance which played an essential role in reviving business confidence and reconstruction and rehabilitation of businesses. The company expanded to better chapters, and soon, an acquisition occurred.
In 1968, the financial institution acquired a renaming of Hong Leong Company Berhad (Malaysia) and granted a banking license. It’s among the most pivotal event which became the critical groundwork for the bank’s future successful chapters.
From Malaysia to Singapore: Extending HL Bank’s Influence
HL Bank Singapore continued its journey all over Asia. It started in Kuala Lumpur Stock Exchange in 1982. Also, in 1982, it was a momentous moment when the MUI Group acquired the Kwong Lee Bank Berhad.
What is the MUI Group?
It’s a corporate group under the management of Tan Sri Dato Khoo Kay Peng, a Malaysian business tycoon. A lot of acquisitions occurred in HL Bank’s history.
As time moved forward, so did the HL Bank. It dared the borders of expansion from Kuala Lumpur and then to Hong Kong.
It was in 1994 when the bank made its initial international move to progress its expedition further. Its development was unstoppable, and more branches were established.
However, it wasn’t until 2008 that HL Bank Singapore finally entered the country’s market. Thus begins its massive operations in one of Asia’s leading and most stable financial hubs.
HL Bank caters its premium banking services to cater to its customers’ exceptionally diverse requirements—the Singapore community such excellent services, especially with its adoption of inclusivity.
Embracing the Future with Digital Transformation
HL Bank Singapore understands how imperative it is to offer services to their clients with ease. Among these programs is to embrace the future by utilising digital transformation in the best way possible.
It was back in 2011 when the HL Bank launched its impressive and exceptionally comprehensive digital transformation plan. It includes implementing a new and innovative core banking system, especially complementing the introduction of the Internet and mobile banking platforms.
During these times, to the delight of HL Bank’s customers, it pursues innovation and high-end banking technological improvements with its digital space. Customers within Singapore and all over can acquire secure banking assistance with a customised and safeguarded experience.
HL Bank Singapore Acquisition of EON Bank
Hong Leong Bank Berhad didn’t stop its expansion. It continued to push forward and acquired many businesses. Among the most notable acquisition HL Bank successfully claimed was the acquisition and consolidation of the EON Capital Berhad in 2011.
It took some weeks before the finalisation of the business transaction. The legal vesting was then concluded. Every bit of assets and liabilities of the then EON Bank was now under HLB’s obligations.
With this merger, the HL Bank became one of the country’s largest banks, with an impressively massive asset and more than 200 branches.
HL Bank Singapore’s Corporate Affairs
The banking industry is, without a doubt, competitive at its finest. It’s because financing customers is the prime priority, and many people require funding for personal and business needs.
Thus, to serve many clients in Singapore and Asia, HL Bank provides various corporate affairs that precisely meet their customers’ monetary demands.
About personal banking, customers can apply for many banking assistance and financial products, including:
- Property Loans
- Car Loans
- Personal Loans
- Share Financing
- Insurance
- Investments
- Deposits
- Remittance
For those who are within the business and corporate sector, HL Bank include provisions of banking solutions, specifically:
- Loan and deposit services
- Fixed Deposit
- Working Capital
- Asset Acquisition
- Debt Capital Market Structures
HL Bank also has its Portfolio Investment Account, mainly via the Hong Leong Islamic Bank (HLISB).
Pursuits Of Banking Sustainability
HL Bank made specifically significant dedication towards sustainable practices back in 2013. They did it by implementing the Group Sustainability Framework.
It didn’t take long before the bank’s efforts were appreciated and seen. Because in 2016, the commitment was recognised and then included in the FTSE4Good Bursa Malaysia Index.
It is among the most prestigious testament of HL Bank’s committed obligation to ensure the promotion and support of eco-friendly methods, and environmentally-approved approaches, with social and governance practices (ESG).
HL Bank Singapore: A Beacon of Banking Excellence
Who would have thought that a small mortgage and remittance company in Kuching City would become a significant player in Singapore’s banking industry?
The HL Bank Singapore continues to thrive even despite the recent economic crisis. Thus, it is a testament to the bank’s capacities, resilience, and unwavering commitment to innovation, growth, and banking excellence.
Customers may acquire many individual and corporate services, such as personal loans, accessible from licensed moneylenders in Singapore like Accredit.
With its deep and rich history and impressive track record, as a customer, you have a potentially bright financial future with HL Bank or Accredit. Look ahead without worry as HL Bank will continue to break barriers and set new standards in the banking industry.
