November 2, 2016 3:30 pm JST

Malaysian central bank Oks license for unit of China's CCB

CK TAN, Nikkei staff writer

KUALA LUMPUR -- Malaysia's central bank said Tuesday a local unit of China Construction Bank Corp. has been given a commercial banking license.

The unit, China Construction Bank Malaysia, will focus on infrastructure project financing, the central bank said in a press release. CCB is the third Chinese bank granted a license to operate in Malaysia.

Listed in Shanghai and Hong Kong, CCB is the world's fifth-largest bank by market capitalization, with a stock market value of $173.3 billion as of the end of 2015, according to the company's website.

The announcement comes on the heels of a six-day official visit to China by Malaysian Prime Minister Najib Razak that began on Monday. Najib recently wrote on his Facebook page that Malaysia is "committed to achieving new highs and entering into new areas of cooperation" with China.

Among the highlights of the visit are a deal on a 55 billion ringgit ($13 billion) railway line to be built and financed by China, and a meeting between Najib and Alibaba Group Holding founder Jack Ma.

China is Malaysia's top trading partner and was its second-largest investor in the manufacturing sector in the first eight months of the year, with a total investment of 2.4 billion ringgit.

Asia300

China Construction Bank Corp.

China

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