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.