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Malaysia's central bank issues license to China Construction Bank

Xinhua, November 1, 2016 Adjust font size:

State-owned China Construction Bank (CCB) had acquired a commercial bank license from Malaysian regulators, the country's central bank Bank Negara Malaysia said in a statement on Tuesday.

The newly-established bank, called China Construction Bank (Malaysia) Berhad, or CCB Malaysia, will be operated as a wholly-owned subsidiary of CCB Corporation Ltd, said the statement.

The grant of the license is based on CCB's prudential strength and ability to bring in propositions that are in the best interests of Malaysia, the central bank said.

Bank Negara also praised CCB Malaysia's "predominant focus in infrastructure project financing", saying its presence is expected to further strengthen the economic and financial linkages between China and Malaysia and contribute to Malaysia's financial sector.

CCB will become the third Chinese state-owned bank to open branches in Malaysia after the Bank of China and the Industrial and Commercial Bank of China. Endit