Bank Negara Malaysia, the central bank of Malaysia, has granted a commercial bank licence to China-based Industrial and Commercial Bank of China (ICBC).
The licence follows a bilateral arrangement entered into between the China Banking Regulatory Commission and Bank Negara Malaysia, and between the Government of Malaysia and the People’s Republic of China in the early part of the year.
Bank Negara Malaysia said that this licence is separate from the new commercial banking licences that will be issued under the liberalisation initiative that was announced on 27 April 2009.
Pre-determined criteria applied for bilateral arrangements include the level of trade and investment linkages, the extent of existing participation of the country in the Malaysian financial sector and the value addition it would contribute to the overall development of the Malaysian financial system and the economy.
