MIN­ISTRY GRANTS LI­CENCE TO CHINA BANK

The Sun (Malaysia) - - SUNBIZ -

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.

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