KL money group to go ASEAN<\/p>\n
KUALA LUMPUR (AP): The head of the Malaysian financial group
\nRashid Hussain Bhd. said the group plans to expand into all
\ncountries of the Association of Southeast Asian Nations.<\/p>\n
ASEAN now comprises Brunei, Indonesia, Malaysia, the
\nPhilippines, Singapore, Thailand and Vietnam. There are plans to
\nadmit Burma, Cambodia and Laos.<\/p>\n
Executive Chairman Rashid Hussain said there now are
\nregulations in each ASEAN country limiting the opening of
\noverseas branches of foreign financial institutions.<\/p>\n
\"I hope the deregulation that we talk about in Malaysia will
\nalso see a deregulation and liberalization across the region,\" he
\nsaid.<\/p>\n
Rashid also expressed hope that ASEAN central banks and
\nfinance ministries would liberalize their financial sectors on a
\nstep-by-step basis, giving preference to companies from ASEAN
\nmember states.<\/p>\n
He said that \"home-grown financial groups\" should be allowed
\nto open branches before giant multinational financial
\ninstitutions are allowed to come in.<\/p>\n
Rashid spoke to reporters at the official launch of the newly
\nmerged banks and finance companies in the RHB stable.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-money-group-to-go-asean-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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