citi-joins-foreign-brethren-with-malaysia-broking-licence

Citi joins foreign brethren with Malaysia broking licence

MalaysiaÆs Securities Commission issues a stockbroking licence to Citi.

As part of Malaysia's gradual financial sector liberalisation, the Securities Commission SC will allow Citi to establish a local brokerage in the country.

The licence, which complements Citi's existing banking licence in Malaysia, allows it to buy, sell and trade securities on the country's capital markets. The bank currently must engage a local broker for these activities.

A representative of the bank said the new brokerage in Malaysia would open within the next six months.

With Citi's global reach and resources, we believe we can add value to the growth and development of the Malaysian capital markets, said Sanjeev Nanvati, chief executive of Citibank Berhad, the bank's local subsidiary....

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