May 25, 2010

Malaysia Banking: Up to 5 new banking licences in June

Up to five new banking licences are expected to be issued in niche and up to two new takaful licences will also be announced when Bank Negara reveals some of the successful recipients of foreign commercial banking licences in line with the financial sector’s liberalisation plan.  ING, Allianz, Manulife, Great Eastern and AmAssurance are some of the insurers believed to have submitted their applications, while names like DBS Bank, UOB, The National Bank of Abu Dhabi (NBAD) and Sumitomo Mitsui Banking Corp have been popping up of late on analysts' radar as potential candidates as possible foreign commercial banking licensees.  It is learnt that the two proposed Islamic banking licences expected to be issued next month may be delayed as the central bank is still assessing the applications of suitable candidates.  (Source: The Star)