Malaysia is set to issue a banking permit to the Industrial and Commercial Bank of China as it seeks to boost foreign direct investment.
According to sources,Malaysia’s central bank and government are in the process of completing the approval for ICBC to operate in the country.
ICBC spokesman Xie Taifeng said he was unaware of any pending announcement.
The Beijing-based ICBC,the world’s most profitable bank,will become the foreign lender to receive a banking permit in Malaysia in nine years.
PM said in April that he would give out as many as nine new licences to overseas financial institutions as the country liberalises its banking industry.
Inviting foreign banks is part of Mr Najib’s plan to increase the proportion of Malaysia’s gross domestic product derived from services to 60 per cent from 55 per cent last year,and wean the country off its dependence on export revenue.
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