MINISTRY GRANTS LICENCE TO CHINA BANK

PETALING JAYA: The Ministry of Finance has granted a commercial bank licence to China Construction Bank Corp Ltd’s wholly owned subsidiary China Construction Bank (Malaysia) Bhd (CCB Malaysia), according to Bank Negara Malaysia (BNM). In a statement yesterday, BNM said the commercial bank licence, which is the first under the Financial Services Act 2013, is based on its parent company’s prudential strength and ability to bring in propositions that are in the best interest of Malaysia. The central bank also noted that CCB Malaysia’s predominant focus in infrastructure project financing would add value towards the country’s transformation into a high-income nation. The presence of CCB Malaysia is expected to further strengthen the economic and financial linkages between China and Malaysia.