KL money group to go ASEAN

KL money group to go ASEAN

KUALA LUMPUR (AP): The head of the Malaysian financial group Rashid Hussain Bhd. said the group plans to expand into all countries of the Association of Southeast Asian Nations.

ASEAN now comprises Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. There are plans to admit Burma, Cambodia and Laos.

Executive Chairman Rashid Hussain said there now are regulations in each ASEAN country limiting the opening of overseas branches of foreign financial institutions.

"I hope the deregulation that we talk about in Malaysia will also see a deregulation and liberalization across the region," he said.

Rashid also expressed hope that ASEAN central banks and finance ministries would liberalize their financial sectors on a step-by-step basis, giving preference to companies from ASEAN member states.

He said that "home-grown financial groups" should be allowed to open branches before giant multinational financial institutions are allowed to come in.

Rashid spoke to reporters at the official launch of the newly merged banks and finance companies in the RHB stable.