KUALA LUMPUR: Malaysia’s development financial institutions (DFI) namely SME Bank, Bank Pembangunan Malaysia Bhd, Exim Bank Malaysia and Danajamin Nasional Bhd will be merged into a new financial institution. The enlarged entity would be created in two phases, Finance Minister Lim Guan Eng said when tabling the 2020 Budget here today. DFIs, Lim said play an important role as public institutions that support the nation’s development goals and serve the needs and requirements of the new economy. DFIs are under the regulatory purview of Bank Negara, which monitors the activities and financial performance of these institutions. Ancillary services in the form of consultation and advisory services are also provided by DFIs to nurture and develop the identified sectors, it said.

Source: New Strait Times October 11, 2019 11:37 UTC