Citigroup received Malaysia stockbroking license
Filed Under (Other News) by Webmaster on 13-01-2010
Tagged Under : Citibank, citigroup, stockbroking license
The Securities Commission (SC) has granted a stockbroking licence to US banking giant Citigroup Inc, making it the seventh foreign company to be given the licence in Malaysia.
The licence is one of three allowed leading foreign firms under the 2008 Budget. Japan’s top brokerage, Nomura Holdings, received the first in September last year and has started its stockbroking operations here.
“We continue to receive strong interest from leading international firms to set up operations in Malaysia, including in the broking industry, indicating confidence in the prospects of our capital market,” SC chairman Tan Sri Zarinah Anwar said in a statement yesterday.
The regulator said Citi was expected to play an important role in increasing the flow of funds from the Middle East as it has a strong presence in the Gulf.
“Citi will be focusing its business model on foreign and domestic institutional business. Any variations to the business model are subject to the SC’s approval,” it said.
In a separate statement, Citi said the news “underlines its continued investment in Asia and its desire to play an expanded role in the local Malaysian capital market”.
“With Citi’s global reach and resources, we believe we can add value to the growth and development of the Malaysian capital markets,” Citibank Bhd chief executive officer Sanjeev Nanavati said.
