New banking licences being mulled

  • Nation
  • Thursday, 12 Apr 2007

NEW banking licences may be considered next year, said Finance Ministry parliamentary secretary Datuk Seri Dr Hilmi Yahaya. 

However, he added, any changes would have to be studied and made in accordance with Bank Negara’s 10-year plan. 

Banking institutions would be increased only if there is a need to do so, he told Lau Yeng Peng (BN – Puchong). 

“There were initially 54 banks. They were then merged into 10 banks, and then eight,” he said. 

He said new licences had been issued for three foreign Islamic banks and local banks had also set up Islamic banking subsidiaries. 

To a query by Datuk Markiman Kobiran (BN – Hulu Langat) on the name change from Bumiputra-Commerce Bank Bhd (BCBB) to CIMB Bank, Dr Hilmi said it was made at the discretion of the board of directors and shareholders.  

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