No more banks

Jan 2008

With 22 commercial banking groups already in the country, there is no need for any more new financial institutions in Malaysia. The Government therefore has no intention of issuing further licences for the setting up of new commercial banks. The door is not completely closed, however. The Parliamentary Secretary of the Finance Ministry, Dr Mohd Hilmi Yahya, said that the Government was still willing to consider new licence applications provided the new applicant could prove it would be able to fill any gap not already covered by existing institutions. This was being undertaken as part of the Financial Sector Master Plan that seeks to ensure the further strengthening of local financial institutions over the next 10 years.