KL gives CCBC commercial banking licence

Kuala Lumpur

AMID the flurry of multi-billion dollar deals between Malaysia and China being inked this week in Beijing, a unit of China Construction Bank Corporation Ltd (CCBC) has been granted a commercial bank licence by Malaysia.

Malaysia's finance minster has granted China Construction Bank (Malaysia) Bhd, a wholly-owned subsidiary of CCBC, a commercial banking licence, the central bank announced on Tuesday. It said it was the first under the Financial Services Act 2013 and is based on CCBC's "prudential strength and ability to bring in propositions that are in the best interest of Malaysia".