When Kuala Lumpur was a small outpost, Penang was the main core of banking of Malaysia. In 1875, Standard Chartered Bank, the oldest bank in Malaysia, opened its doors to gratify the financial requirements of the early European traders. In 1885, HSBC (The HongKong and Shanghai Banking Corporation) opened its branch in Penang. Later in 1888, the UK-based Royal Bank of Scotland opened its first office in the State. Today, Penang has got branches of Citibank, the Malaysian central bank (Bank Negara Malaysia) and United Overseas Bank in addition to the Maybank, Ambank, Public Bank and CIMB Bank.