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Malaysia to Let Foreign Banks to Open More City Center Branches

Aug. 17 (Bloomberg) -- Malaysia will give greater flexibility to foreign banks in opening branches, relaxing earlier rules that restricted the number of outlets they could open in urban areas, the central bank said in a statement today.

Foreign lenders are currently allowed to open up to eight additional branches, out of which only up to two can be set up in city centers. In future, they will be granted more flexibility on location, according to the statement in Kuala Lumpur today.

“This would allow them to achieve a meaningful scale of operations,” it said.

To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net

To contact the editor responsible for this story: Barry Porter at bporter10@bloomberg.net

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