Thursday, June 4, 2015

Chinese-Owned Banks In Malaysia - A Sorrowful History

Since the May 13th incident , the Malaysian government had taken a wrong turn in implementing the so-called New Economic Policies to "restructure" the society, which in essence is racially discriminatory, in favor of Bumiputra.

As a result, one of impacts that affected the non-Malays (mostly Chinese Malaysians and Indian Malaysians) economically were the forcing of  Chinese to sell their banks to Bumiputra in the name of merging of local banks to protect them from the risk of being out-competed by big foreign banks.

A total of 21 local commercial banks in their golden years (1960's to 1970's) had shrunk to 7, out of which only 2, namely Public Bank and Hong Leong Bank, are still owned by the Chinese Malaysians (figures taken from here).

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