China Construction Bank (M) secures commercial bank licence

KUALA LUMPUR: The Minister of Finance has granted a commercial bank licence to China Construction Bank (Malaysia) Bhd (CCB Malaysia), a wholly-owned subsidiary of China Construction Bank Corporation Ltd.
The licence, the first under the Financial Services Act 2013, is based on China Construction Bank Corporation Ltd's prudential strength and ability to bring in propositions that are in Malaysia's best interest.
Bank Negara Malaysia in a statement today said CCB Malaysia's predominant focus on infrastructure project financing will add value towards Malaysia'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, as well as contribute towards the development of an effective, dynamic financial sector in the country. — Bernama