Forbes Lists Maybank, UOB, And Standard Chartered As Top Three Banks In Malaysia (2024)

Business media giant Forbes has named Maybank, UOB Bank, and Standard Chartered Bank as the top three banks in Malaysia in its latest World’s Best Banks survey. This is followed by OCBC Bank and Citibank in the fourth and fifth spot, respectively.

On its website, Forbes explained that its global survey – which was carried out in partnership with market research firm Statista – sought to rate banks based on a few criteria. These included customers’ general satisfaction (30% of the score), their willingness to recommend the bank (30%), as well as customer ratings in five key areas (40%), such as trust, digital services, and customer service.

The media giant also noted that the numbers of banks ranked will vary based on the size of the country, the survey audience, and how many banks they named; each bank must be rated by at least 250 customers in order to make it on the list, and companies do not pay any fee to participate. So for instance, while Forbes had rated five banks for Malaysia, it assessed many more for other countries such as United States (15 banks), Australia (15 banks), and Vietnam (10 banks).

Overall, more than 48,000 customers have participated in the global survey – carried out in 14 languages across 32 countries.

As one of the banks to make it onto Forbes’ list for Malaysia, Standard Chartered’s chief executive officer Mak Joon Nien thanked the bank’s clients for the trust and continued support over the years. “We are truly honoured to have received this meaningful and prestigious recognition. As Malaysia’s first and oldest bank for 148 years, we continue to be committed towards keeping the client experience at the heart of our value offering,” he said.

Meanwhile, Maybank is Malaysia’s largest bank by market capitalisation and total assets, whereas UOB had recently acquired Citi’s consumer banking business in Malaysia (as well as in Indonesia, Thailand, and Vietnam).

(Sources: Forbes, Free Malaysia Today)

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