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CCB launches in Malaysia

CCB launches in Malaysia

(6 June 2017 – Malaysia) China Construction Bank (Malaysia) (CCBM) is the first foreign commercial bank to be granted a banking licence in Malaysia in six years.

The bank is the third China-based lender in Malaysia after the Bank of China (Malaysia) and Industrial and Commercial Bank of China (Malaysia).

At the opening of the bank, Malaysian Prime Minister Datuk Seri Najib Razak said the establishment of the China Construction Bank (CCB) branch in Malaysia is timely after the recently concluded Belt and Road Forum for International Cooperation in Beijing.

"We in Malaysia were one of the first to support the one belt one road (OBOR) [initiative], with developments including the Malaysia-China Kuantan Industrial Park, Kuantan Port, Melaka Gateway and the East Coast Rail Link," said Razak.

Razak added that Malaysia is one of China's top trading partners and is its largest source of imports in ASEAN, noting that China has been Malaysia's largest trading partner for the last eight years.

"For the first quarter of this year, tourism receipts from Chinese tourists have more than doubled," said Razak.

Meanwhile, CCB chairman Wang Hongzhang's said Malaysia is an important hub for CCB to expand its business in its international markets.

Wang said the establishment of a wholly-owned subsidiary in Malaysia will enable the bank to paly a significant role in the implementation of the "Belt and Road" initiative and China's "Go Global" strategy, and demonstrates an important step to yield results on Malaysia-China relations in terms of financial cooperation and exchanges.

"CCB will leverage its financial strengths in infrastructure construction cost consultation, housing mortgage as well as Renminbi (RMB) business, be committed to fully support CCBM's growth by way of good risk management compliance and robust operation in order to provide a comprehensive range of financial services that aim to serve better and provide efficient financial solutions to the vast market in both Malaysia and China," he said.

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