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First Malaysian Bank to Open in China
Malaysia's largest bank, Malayan Banking Berhad (MBB), is set to open a branch in Shanghai's Pudong, an emerging financial and trade zone, by the end of the year and will be the first Malaysian bank in China.
An MBB source said Monday the new branch will become one of MBB's major international business centers.
Zhou Yupeng, Shanghai's deputy mayor, said that more overseas businesses are welcome to open subsidiaries in the city.
According to Zhou, there are now 45 overseas-funded financial institutions in Pudong, 27 of which are licensed to do Chinese currency business.
These financial institutions are operating smoothly, with total business volume increasing 50 percent annually over the last two years.
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