Thursday, 1 December 2016

Surrendering a banking licence?

I saw this notice in the Star newspaper two days ago (on 29 Nov 2016) but I don't know how to interpret its meaning or implication to the country. I'm confused: why would an international bank give up its banking licence in Malaysia, even if it is an off-shore banking institution operating in Labuan? How often does it ever happen in this country?

An update: Citibank has since then issued a clarification. They said that they had obtained permission to open a full-fledged commercial bank in Labuan and as such, the offshore banking licence would no longer be required. All their clients would be transferred to the commercial bank.

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