Business

Saturday November 28, 2009

Short but sweet

By YVONNE TAN


“IT was too short, one more year would have been perfect,” Irene Dorner, HSBC Bank Malaysia Bhd deputy chairman and CEO exclaims at the end of this interview with StarBizWeek earlier this week.

She was of course, referring to her time as head honcho of Malaysia’s HSBC operations, a post she took up in June 2007.

“One thing I’ll miss when I leave this country is this – in Malaysia, people really know how to throw their hearts and soul into something; if you want people to join in, for example a branch opening, to cheer, clap and show support, Malaysia is the place for it!” she says.

Dorner will leave her current position on Dec 8 to head the banking group’s US operations as president and chief executive officer, based in New York.

Irene Dorner ... ‘I think the financial crisis has passed Malaysia by.’

“It was a surprise but I guess it’s a promotion so yes, I am pleased and very excited,” she says.

Interestingly, Malaysia was Dorner’s first overseas posting.

“I joined HSBC back in Britain, 23 years ago as an inhouse lawyer – until 1993, I was actually heading the legal department, then I took on a series of other jobs (in the group) ranging from treasury and capital markets to human resource and marketing.

So, I had very broad experience really, but all was obtained from one country originally,” Dorner says.

Before she came here, Dorner says her impression of Malaysia was that it was a thriving economy.

“I also knew that there were strong commercial activities here ... what I didn’t know was ... how far East Malaysia was from here (peninsula).

“Getting to my Tawau branch took me longer than four hours,” she says but quickly adds that that was before the low-cost carriers started flying the route regularly.

On a more serious note, Dorner says that since she’s arrived, HSBC has upped its ante on the growing Islamic finance business in Malaysia.

It has opened four HSBC Amanah Malaysia Bhd branches, the full-fledged Islamic bank it owns, since and “there are plans to open more”, she says.

“When I arrived, we were in a position where we had the conventional banks, 40 branches in all but we had also just started a takaful business and were then awarded the Islamic banking business licence.

“So, in the time that I’ve been here, we’ve been given the opportunity to have all three licences working together and we’ve been reshaping the way the bank does business (from that aspect),” Dorner says.

Last year was a record year for the bank, she says.

“I was very pleased with the way the businesses performed last year, this year has been slower because the real economy has been slower, I can’t give you any forward numbers but I can say that I am very happy with the way (things have gone so far),” Dorner says.

HSBC Malaysia’s pre-tax profit grew 18% to RM1.2bil in 2008 – its highest ever.

“When the economy is slow, it is important to do two things. One, keep your people well-trained, well-motivated and engaged and two, do not give up on your expansion plans, you might have to slow them down a little but don’t give up – because when the upturn comes, you’re in the position to take advantage,” Dorner says.

She says the financial industry in Malaysia is “rock-solid”.

“Actually, I think the financial crisis has passed Malaysia by; the banks here are very steady and well positioned for growth.

“I’ve been particularly impressed with the local banks like CIMB Group and Malayan Banking Bhd going regional, I think they have regional ambitions and using Malaysia as a hub is exactly the right thing to do,” she says

“Of course, it creates competition for HSBC but competition is always a good thing.”

Work aside, Dorner has taken the opportunity to travel nationwide sampling local delicacies along the way. “I like travelling and sadly, I love food too,” she says jokingly.

“I say if you’ve got 40 branches scattered all over Malaysia, it’s nice to go and see them.”

She’s been to Tawau, Raub, Kuala Lipis branches, to name a few.

During her tenure here, Dorner has had the opportunity to initiate several programmes, including corporate responsibility (CR) efforts and recently, the Cross Industry Mentoring, an informal programme involving cross-mentoring among senior professionals from different organisations.

“When you change jobs, you look back and you wonder ... did I do enough, but in fact, so long as you have taken the business a little further and left it better than when you first arrived; if you can be sure that you have started a few things that will have legs into future, that’s as much as you can expect,” Dorner says.

Dorner will take up her new post on Jan 4 and will be succeeded by Mukhtar Hussain who has been with the HSBC group since 1982.

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