KL banks have new scheme

KL banks have new scheme

KUALA LUMPUR (AFP): Malaysia's top six banks said yesterday
they have established a scheme to finance indigenous Malay
businesses and complement government efforts to develop Malay
entrepreneurs.

Malayan Banking, Bank Bumiputra, Public Bank, United Malayan
Banking Corporation, DCB Bank and Bank of Commerce will set aside
210 million ringgit (US$84 million) for the scheme. Four of the
six are listed on the local bourse.

They said in a joint statement that the allocation could be
increased if the need arose or with the participation of more
banks in the consortium, with the possible inclusion of Arab
Malaysian Merchant Bank Bhd and Bank Utama.

The scheme will go towards equity financing of share
acquisition by indigenous Malay or bumiputra companies in non-
bumiputra firms.

It will also finance joint ventures between bumiputra- and
non-bumiputra firms in development projects in selected
industries like provision of infrastructure, electrical power and
manufacturing.