Just wondering … what will happen if all the Cina Babi (Chinese Pigs) …

Just wondering … what will happen if all the Cina Babi (Chinese Pigs) …

The Ministry of Finance (MoF) announced today (Nov 1, 2016) that a commercial licence has been granted to a Chinese bank’s subsidiary.

The announcement was made by Bank Negara Malaysia (BNM), the country’s central bank.

We in No News Is Bad News are just wondering what will happen if all the Cina Babi Balik Tongsan (Chinese Pigs Go Back To China) decide to shift all their banking and financial services needs to this Chinese bank.

Will this not affect all local and foreign banks in Malaysia?

This is what BNM announced today:

"MoF grants commercial licence to Chinese bank’s subsidiary

FMT Reporters

November 1, 2016

Bank Negara says presence of Chinese bank's subsidiary expected to strengthen China-Malaysia economic and financial ties.


PETALING JAYA: The Ministry of Finance has granted a commercial bank licence to China Construction Bank (Malaysia) Berhad (CCB Malaysia), a wholly-owned subsidiary of China Construction Bank Corporation Ltd.

The announcement, made by Bank Negara Malaysia (BNM) in a brief statement today, comes as Prime Minister Najib Razak is in China on an official trip.

BNM explained that the grant of the commercial licence to CCB Malaysia – the first under the Financial Services Act 2013 – was based on China Construction Bank Corporation Ltd’s “prudential strength and ability to bring in propositions that are in the best interest of Malaysia.”

CCB Malaysia’s predominant focus in infrastructure project financing, BNM said, 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’s announcement also comes after Najib, who is the finance minister, hailed China as a “true friend and strategic partner”.

Last week the Dewan Rakyat approved Malaysia’s membership into the China-led international financial institution, Asian Infrastructure Investment Bank (AIIB).

China Construction Bank Corporation Ltd is a bank founded in 1954.
In 2015 it ranked fifth among listed banks in the world."