Parkson Credit Sdn Bhd (Parkson Credit) raises RM150 million through HSBC’s Receivables Purchase Facility to spur the company’s growth; a key initiative in tandem with the their strategy to increase its Malaysia’s footprint.
Established in late 2014, Parkson Credit Sdn Bhd is 70 percent owned by Parkson Retail Group Ltd and 30 percent owned by Parkson Holdings Berhad. The company is involved in consumer financing business which provides individuals the convenience of purchasing motorcycles and other consumer goods via easy instalment scheme.
Parkson Credit leverages on its nationwide extensive dealer network and synergises with Parkson department stores chain. Its Shariah compliant financing packages allow customers the convenience of purchasing motorcycle via hire purchase scheme and consumer products via credit sale. The company’s fast processing and innovative products are amongst the key winning points that attract consumers.
Since its incecption, HSBC Malaysia has been providing financial support to Parkson Credit to facilitate the company’s expansion within the country. The Receivables Purchase Facility plays a crucial role in boosting Parkson Credit’s financing business.
In a statement by Omar Mahmoud, Head of Global Banking, HSBC Malaysia, HSBC is excited to continue supporting Parkson Credit in Malaysia with financial services which will help propel their business to enable them to achieve their growth ambitions. Clients increasingly require scalable yet flexible financial solutions to support their development and expansion.
“The bank’s understanding of our business and their development of tailor-made financing solutions accommodate our growth strategies, said Danny Poh, Senior General Manager of Parkson Credit.
“We will continue to make HSBC our partner of choice and they have been the fundamental basis of our continued working relationship.”
Achieving and maintaining an efficient and flexible cash flow is essential to the success of growing businesses. HSBC’s receivables finance solutions help organisations free up working capital to keep their business running smoothly while allowing them to focus on other strategic initiatives.