June 17, 2010 18:20 PM
KUALA LUMPUR, June 17 (Bernama) -- Bank Negara Malaysia (BNM) said Thursday that commercial banking licences will be issued to five foreign banks in a move to further liberalise Malaysia's financial services sector.
The licences would be issued to the wholly-owned subsidiaries of Paribas SA (France), Mizuho Corporate (Japan), National Bank of Abu Dhabi (UAE), PT Bank Mandiri (Persero) Tbk (Indonesia), and Sumitomo Mitsui Banking Corporation Bhd (Japan), it said in a statement Thursday.
In assessing the applications, the central bank said it took into consideration the foreign banks' financial strength, track record, expertise, business plan and potential contribution towards the development of Malaysia's financial sector.
"These banks are expected to add to the diversity of the financial services industry, support the new areas of growth including green technology and facilitate the transformation of the Malaysian economy towards achieving high value-added and high-income economy status.
"The presence of these banks will also further enhance Malaysia's international linkages through facilitating international trade and investment flows between Malaysia and other parts of the world," it added.
-- BERNAMA
http://bernama.com.my/bernama/v5/newsbusiness.php?id=506768
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