China Construction Bank (M) receives commercial banking licence in Malaysia

KUALA LUMPUR: Bank Negara announced that the Minister of Finance has granted a commercial bank licence to China Construction Bank (M) Bhd (CCB Malaysia), a wholly-owned subsidiary of China Construction Bank Corp Ltd.

“The grant of the commercial bank licence to CCB Malaysia, which is 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 the best interest of Malaysia,” Bank Negara said in a statement.  

CCB Malaysia’s predominant focus in 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 the People’s Republic of China and Malaysia, and contribute towards the development of an effective and dynamic financial sector in Malaysia,” the central bank said.