PETALING JAYA: China Construction Bank Corp (CCB), ranked as the world’s second-largest bank, has been granted a Malaysian commercial bank licence by the Minister of Finance. Bank Negara said the banking giant’s unit, China Construction Bank (Malaysia) Bhd (CCB Malaysia), was granted the licence based on its prudential strength and ability to “bring in propositions that are in the best interest of Malaysia”. CCB’s unit is the third Chinese bank to be granted a banking licence in Malaysia after Bank of China (Malaysia) Bhd and Industrial and Commercial Bank of China (Malaysia) Bhd (ICBC). It had been speculated recently that CCB had applied for a banking licence in Malaysia and was awaiting a decision from the authorities. The local banking groups backing the fund include CIMB Group Holdings Bhd, Malayan Banking Bhd, RHB Capital Bhd and Affin Bank Bhd.

Source: The Star November 01, 2016 23:29 UTC