CDC eyes Malaysia's banking

CDC eyes Malaysia's banking

KUALA LUMPUR (AFP): A Taiwanese firm yesterday expressed interest in investing in Malaysia's banking sector amid the Asian economic crisis which has sent the once booming economy into a slowdown.

Finance Minister Anwar Ibrahim was quoted by Bernama news agency as saying Taiwan's China Development Corporation (CDC) was keen to participate in specific sectors of the Malaysian economy.

"It was not a general discussion but some very specific proposals for investment," he said.

Earlier, Anwar, who is also the deputy prime minister met Liu Tai-ying, who is the chairman of CDC, the largest investment company of the ruling Kuomintang (KMT).

Liu later told reporters his discussions with Anwar centered on the issue of liberalizing Malaysia's foreign equity participation in the banking sector.

"He (Anwar) promised that it will be looked into on a case-to- case basis," he said.

Liu, is expected to sign US$300 million worth of deals during the nine-day tour of Thailand, Malaysia, Indonesia, and the Philippines.