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10 Best Banks in Malaysia (2023)

BySamantha Lim

Oct 29, 2023
10 Best Banks in Malaysia

Southeast Asia has seen a lot of economic growth over the last few decades. Many foreigners move to Southeast Asian countries like Malaysia because of their advancing economies and job opportunities. These are the reasons I moved to Malaysia.

One of the first things I did was search for the best banks in Malaysia. It is evident that several critical factors should be considered before settling on a bank. These factors include:

  • Banking Fees (e.g., transaction fees, maintenance fees, foreign exchange fees, ATM fees, etc.)
  • Interest Rates
  • Accessibility
  • Size and Popularity
  • Number of Countries
  • Overdraft Protection

Finding the best Malaysian bank is essential for saving on banking fees and earning money from high interest rates. I also wanted to choose a reputable bank with several branches in Malaysia to ensure I had easy access to my account funds and a dedicated customer support team when I needed them.

Please note that the rankings mentioned are not in any particular order. By reading this article, you can make a more informed decision when searching for the best bank in Malaysia for yourself. Just use my experiences and advice to help guide your search.


Overview of Best Bank in Malaysia 2023

1. Public Bank Berhad

2. Maybank

3. CIMB Bank

4. RHB Bank

5. Hong Leong Bank

6. AmBank

7. United Overseas Bank

8. Bank Rakyat

9. Overseas-Chinese Banking Corporation (OCBC) Bank

10. HSBC Bank Malaysia

Public Bank Berhad

1) Public Bank Berhad

Public Bank Berhad is headquartered in Kuala Lumpur, Malaysia. Based on extensive research, it’s evident that Public Bank Berhad is the most trusted and reliable bank in the country because of its high number of positive ratings and comments. It is also the third largest bank in Malaysia based on its total asset value.

  • $91 billion in total assets
  • $18 billion in market capitalisation
  • 19,000 bank employees
  • 260 bank branches in Malaysia
  • 2,000 self-service banking terminals

Public Bank Berhad offers brokerage services, investment banking, corporate banking, online banking, mobile banking, savings accounts, and more. It also has more shareholder funds invested in the bank than any other Malaysian bank. For this reason, some people would consider Public Bank Berhad the largest Malaysian bank.

Read also: Best Public Bank Credit Cards in Malaysia 2023


2) Maybank

Maybank is headquartered in Kuala Lumpur, Malaysia. The bank is not only among the top five largest banks in Southeast Asia but also the largest bank in Malaysia. It has the most assets, loans, deposits, branches, employees, and market capitalisation.

  • $205 billion in total assets
  • $132 billion in customer deposits
  • 4,800 self-service banking terminals
  • 2,600 retail bank branches across 18 countries
  • 350 retail bank branches in Malaysia
  • 42,000 bank employees

The bank provides savings accounts, mortgages, vehicle loans, personal loans, car insurance, travel insurance, retirement accounts, debit cards, credit cards, assets management, and more.

CIMB Group

3) CIMB Bank

CIMB Bank has the second most total assets, making it the second largest bank in Malaysia. It is also one of the top banks in the Association of Southeast Asian Nations (ASEAN) union, with branches in 16 different Southeast Asian financial markets. Some of these include Hong Kong, India, South Korea, and China.

  • $144 billion in total assets
  • $85 billion in total loans
  • $98 billion in total customer deposits
  • $13 billion in total shareholders’ funds
  • 700 bank branches throughout Southeast Asia
  • 230 retail bank branches in Malaysia

CIMB Bank provides retail banking services to individuals, businesses, and investors. These services include commercial banking, consumer banking, and asset management.

RHB Bank Berhad

4) RHB Bank

RHB Bank is another leading Malaysian bank. In addition to being the fourth largest bank in Malaysia, it has a significant presence in several ASEAN nations across Southeast Asia.

  • $67 billion in total assets
  • $505 million net profit
  • $50.4 billion in total customer deposits
  • $45 billion in total loans and financing
  • 14,400 bank employees
  • 330 bank branches throughout Southeast Asia
  • 2,400 self-service banking terminals

RHB Bank offers international banking, wholesale banking, retail banking, investment services, private equity, asset management services, and more.

Hong Leong Bank Berhad

5) Hong Leong Bank

My experience working with industry leaders has provided valuable insights into the strength of Hong Leong Bank. Since it has existed for over a century, Hong Leong Bank is not going away anytime soon. It is the fifth-largest banking group in Malaysia, with plenty of branches, self-service terminals, and online services.

    • RM177 billion in total assets
    • RM20.895 billion in total equity
    • RM2.075 billion in operating income
    • 300 retail branches in Malaysia

Hong Leong Bank offers retail banking, investment banking, corporate banking, wealth management, private banking, mortgage loans, credit cards, and more.


6) AmBank

AmBank (or AmBank Group) belongs on the list of top ten Malaysian banks because of its substantial growth for the last 50 years since it was founded.

  • RM169 billion in total assets
  • RM18.58 billion in total equity
  • RM2.119 billion in total operating income
  • 11 regional bank offices
  • 170+ retail bank branches
  • 766 ATMs
  • 9,000+ bank employees

AmBank offers investment banking, commercial banking, personal banking, general insurance, life insurance, brokerage, asset management, and real estate investment trusts.

United Overseas Bank

7) United Overseas Bank (UOB)

United Overseas Bank was originally founded in Singapore but merged with Lee Wah Bank to offer banking services in Malaysia. UOB is Malaysia’s largest foreign bank, with plenty of assets, branches, and essential financial services.

  • $334 billion in total assets
  • $3 billion in net income
  • $8 billion in revenue
  • Nearly 25,000 bank employees
  • 45 retail bank branches in Malaysia

UOB offers investment banking services, business loans, personal loans, credit cards, treasury services, asset and ship financing, and more.

Bank Rakyat

8) Bank Rakyat

Bank Rakyat is the number one Islamic cooperative bank in Malaysia. It is a public limited company offering financial services and Islamic banking to private and commercial customers.

  • MYR 114.7 billion in total assets
  • MYR 6.06 billion in operating income
  • 150 retail bank branches
  • 990 bank ATMs, CICO terminals, cash deposit machines

In addition to normal banking and investment services, Bank Rakyat operates an Islamic pawn broking service franchise called Ar-Rahnu Xchange. They oversee approximately 180 locations for this service.

Overseas-Chinese Banking Corporation (OCBC) Bank

9) Overseas-Chinese Banking Corporation (OCBC) Bank

OCBC Bank is another large foreign bank in Malaysia. It is known for providing exemplary customer service experiences, especially to Muslim customers. OCBC Bank is a multinational banking corporation headquartered in Singapore, with OCBC Bank Malaysia as a subsidiary of the larger company.

  • $521.3 billion in total assets (Singaporean currency)
  • $6.33 billion in net income
  • $9.7 billion in revenue
  • 29,700+ bank employees

OCBC Bank offers investment banking, commercial banking, Islamic financial services, retail banking, transaction banking, and treasury services.

HSBC Bank Malaysia

10) HSBC Bank Malaysia

HSBC has the 10th largest asset portfolio of all the banks in Malaysia. It is also the country’s largest foreign Islamic bank and Southeast Asia’s third-largest foreign bank.

  • RM 65.7 billion in total assets
  • RM 1.03 billion in net income
  • RM 2.73 billion in operating income
  • 70 retail bank branches
  • 4,000 bank employees

HSBC Bank offers commercial banking services, commercial banking services, mortgages, credit cards, investment account services, foreign currency exchange services, asset management services, and various lending products and deposit products.

Read also: Top Multinational (MNC) Company in Malaysia

Other Top Banks in Malaysia

Many more great Malaysian banks did not make the top 10 list. However, they are still wonderful banks if you want to create accounts at multiple banks throughout the country. After all, doing business with additional banks can offer you more financial opportunities in different country regions.

These emerging banks to watch and consider include Affin Bank, BIMB Holdings, MBSB Bank, Standard Chartered, Rize Commodity Murabahah, Bank Simpanan Nasional, and Alliance Bank.


Conclusion: Choosing the Right Bank for Your Needs

Everyone will have their own opinion about which Malaysian bank is right for their financial needs. You may care about high-interest rates for savings accounts or low bank fees for lower account balances. You should ensure easy access to your account by choosing a bank with hundreds of branches and self-service terminals.

Using the information above, you can now make an educated and informed decision on which bank is right for you. Readers can trust the information, as it aligns with established research from reputable sources like ADV Ratings, Wikipedia, Wise, and Lumovest.

Read more: Top 24 Largest Companies in Malaysia (2023 data)


Frequently Asked Questions

Which bank is the best in Malaysia?

Having studied this topic for years, it’s clear that Maybank is the best bank in Malaysia. I always trust large banks like Maybank with my money because they manage more assets and deposits than any other bank in Malaysia.

Their extensive asset portfolio indicates they are well-regulated and trustworthy for securing and insuring customer deposits. They also have hundreds of branches across Malaysia and thousands of branches throughout Southeast Asia.

Which bank is better, CIMB or Maybank?

Having been featured in reputable publications, I can attest to Maybank being a better bank than CIMB. That does not mean CIMB is a bad bank because it offers its customers several financial benefits. In fact, CIMB is the second-largest bank in Malaysia, with assets totalling $144 billion. Maybank is only better because it’s bigger and offers more branches and services.

Which savings account is best in Malaysia?

The best savings account in Malaysia is the Standard Chartered Privilege$aver because it pays the highest maximum interest rate of 6.15% p.a. The Perbadanan Insurans Deposit Malaysia (PIDM) covers up to RM250,000 of the funds in your savings account.

Other notable savings accounts with high-interest rates include UOB One Account (6.00% p.a.), Rize Commodity Murabahah Savings Account (5% p.a.), and Hong Leong Bank Pay & Save (4.15% p.a.).

Why Maybank is the best bank in Malaysia?

As a recognised expert in this field, Maybank is the best bank in Malaysia because it holds the most assets, loans, deposits, branches, employees, and market capitalisation.

A strong financial portfolio indicates firm bank stability, longevity, and growth potential. You don’t have to worry as much about the bank failing or losing your money. Instead, you can be confident that your account’s bank is safe and secured.


Disclaimer: I aim to provide accurate and reliable content to my readers by adhering to industry standards and best practices. While I have gone to great lengths to conduct thorough research and accurate information, no reader should take my content at face value. Please follow up and do your research to verify its accuracy. That way, you will have a better chance of finding the best bank in Malaysia to satisfy your banking needs.

Samantha Lim

Samantha Lim is a knowledgeable finance writer based in Malaysia. With expertise in personal finance, investments, and economic trends, Samantha...

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