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Sunday, 12 June 2011 22:51 |
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As much as half of the world’s capital is estimated to flow through international business and financial centres, making banking activity the most important in these centres.
Labuan International Business and Financial Centre has grown to become the home for more than 60 banks, including 14 investment banks up to the end of 2010.
Banks licensed to operate in Labuan can conduct transactions with Malaysian residents as of January 19th, 2010. Under the co-location guideline issued in early 2010, Labuan banks can now co-locate an office (or offices) in any part of Malaysia.
This liberalisation is expected to drive the sector to even greater growth as banks that previously did not have a presence in Labuan now have a tremendous opportunity to do so given the added incentive of operating onshore.
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Last Updated on Wednesday, 20 July 2011 17:52 |
