China Construction Bank opens first branch in Malaysia

KUALA LUMPUR — State-owned China Construction Bank (CCB) opened its first branch in Malaysia on Friday, in a grand ceremony witnessed by Malaysian Prime Minister Najib Razak and other business leaders and government officials.

The CCB became the third Chinese bank after Bank of China and Industrial and Commercial Bank of China to have banking operations in the country.

In the opening speech, CCB chairman Wang Hongzhang said the group sees Malaysia as an important hub to expand its business in its international markets. He added that the establishment of branch in Malaysia will accelerate CCB's global transformation.

CCB will leverage its financial strengths in infrastructure construction, engineering cost consultation, housing mortgage as well as renminbi business. Wang said.

CCB will be committed to fully support CCB Malaysia's growth, in order to provide a comprehensive range of financial services that aim to serve better and provide more efficient financial solutions to the vast market in both Malaysia and China, Wang added.

Najib said he believes CCB's strong funding position and expertise in financial services, e-commerce and fintech will play an important role in Malaysia's development.

"We hope that CCB Malaysia will participate proactively in financing high priority infrastructure projects such as railways, highways, harbors, airports, telecommunications, power and affordable housing," he said.