KUALA LUMPUR:'' Prime Minister Datuk Seri Najib Razak says applications to increase foreign shareholding for commercial banks would be considered on an individual "merit basis".
He said this on Wednesday, March 9, as a follow-up to his statement last week in Australia that Malaysia was "open" to allowing Australia & New Zealand (ANZ) Banking Group to raise its 24% strategic shareholding in local lender AMMB HOLDINGS BHD [] to 49%.
He said the foreign shareholding cap for the local commercial banks would be on an individual 'merit basis' and there would not be any changes to the Banking and Financial Institutions Act 1989'' in the interim as it is an administrative issue.
Najid, who is also the Finance Minister, was speaking to reporters after the annual briefing by Bank Negara Malaysia (BNM) here.
BNM Governor Tan Sri Zeti Akhtar Aziz said ANZ had not submitted a proposal to raise the shareholding in AMMB while there had been no applications from other foreign banks so far.
He said this on Wednesday, March 9, as a follow-up to his statement last week in Australia that Malaysia was "open" to allowing Australia & New Zealand (ANZ) Banking Group to raise its 24% strategic shareholding in local lender AMMB HOLDINGS BHD [] to 49%.
He said the foreign shareholding cap for the local commercial banks would be on an individual 'merit basis' and there would not be any changes to the Banking and Financial Institutions Act 1989'' in the interim as it is an administrative issue.
Najid, who is also the Finance Minister, was speaking to reporters after the annual briefing by Bank Negara Malaysia (BNM) here.
BNM Governor Tan Sri Zeti Akhtar Aziz said ANZ had not submitted a proposal to raise the shareholding in AMMB while there had been no applications from other foreign banks so far.
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