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RETAIL BANKING | Tony Chua, Malaysia

Bank employees’ union urges Malaysia not to be used to bail out foreign banks

Union calls for government to stand by its law, interests, customs and practices amidst Europe and US financial crisis.

The National Union of Bank Employees (NUBE) has expressed concern that Bank Negara Malaysia is reportedly considering a more flexible cap on foreign shareholdings in banks.

The union's secretary-general J. Solomon said in a statement Monday that move has to be studied carefully with particular emphasis on what is good for the country's society and economy.

He said the financial services industry is undergoing a crisis at present where the greed of banks has caused a major structural issue within the global financial system.

Europe is going through a major financial and monetary crisis with the United States following closely behind, with European banks looking for alternatives to make money and bail out their interests in Europe, Solomon said.

"Malaysia should not allow itself to be used by foreign banks just to bail out the interests of such banks," he added.

Solomon said it is the responsibility of the Malaysian government to ensure that any foreign investment is governed by Malaysian law, interests, customs and practices.

View the full story in Bernama.

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