Parkson Credit secures RM150m HSBC loans
KUALA LUMPUR: Parkson Credit Sdn Bhd has raised RM150 million through HSBC Malaysia’s bespoke receivables purchase facility and will use the proceeds to finance its expansion in Malaysia.
Parkson Credit, which is 70 per cent-owned by Hong Kong-listed Parkson Retail Group Ltd and 30 per cent by Parkson Holdings Bhd, provides loans for the purchase of motorcycles and other consumer goods.
HSBC Malaysia has been providing financial support to Parkson Credit since the company’s inception in 2014.
Parkson Credit said in addition to facilitating its expansion, the loans would play a crucial role in boosting its financing business.
“Clients increasingly require scalable yet flexible financial solutions that will support their development and expansion,” said HSBC Malaysia head of global banking Omar Mahmoud.
“HSBC is excited to continue supporting Parkson Credit in Malaysia with financial services that will help propel their business and enable them to achieve their growth ambitions.”
Parkson Credit senior general manager Danny Poh said HSBC Malaysia’s structured receivables purchase facility had supported its business growth via the efficient application of collateral with enhanced flexibility and scalability.
“The bank’s understanding of our business and its development of tailor-made financing solutions that accommodate our growth strategies continue to make HSBC our partner of choice and has been the fundamental basis of our continued working relationship,” he said.