Bank Negara’s ruling on FHC may alter banking landscape

At 9 am(0100GMT), the local unit was traded at 4.1600/1670 from 4.2170/2230 against the greenback on Wednesday.

LARGELY ignored by the masses, a guideline issued by Bank Negara on Oct 13 may change the banking industry landscape and has deep ramifications for some of Malaysia’s largest public-listed companies.

These companies are the financial holding companies (FHCs) of banks, which only in recent years have come under the scrutiny of the authorities by virtue of the Financial Services Act 2013 (FSA).