Malaysia grants Mizuho approval for banking licence

Mizuho to establish foothold in Kuala Lumpur as Bank Negara gives it commercial banking licence.

Mizuho Corporate Bank, Ltd. received official notification on 17 June 2010 from Bank Negara Malaysia, the central bank of Malaysia, that the application submitted by MHCB to Bank Negara Malaysia for a new commercial banking licence has been approved.

As part of its Financial Sector Master Plan, the Malaysian Government announced in April 2009 that five new commercial banking licenses would be made available to foreign-capitalised banks. Since 1974, there had been a virtual freeze on the issuance of new banking licenses in Malaysia, with the exception of a few special cases. As such, many foreign banks had applied for the new commercial banking licenses. The notification on 17 June announced that commercial banking licenses will be issued to five foreign banks, including MHCB.

Underlying the approval of MHCB’s application for a new commercial banking licence were the recognition of Mizuho’s contributions and efforts in Malaysia since the establishment of operations there in 1981 and the expectations for the further contributions that MHCB can make, as a leading global bank, to the continuing development of Malaysia’s economy and financial sector.

View the full story in The Financial.