LABUAN, Oct 25 — The world’s second largest bank, China Construction Bank (CCB), is fully prepared to finance the much-talked about Labuan-Menumbok bridge due its sound financial position.

CCB, which today officially opened its branch in Malaysia’s international financial centre of Labuan, has the financial capabilities and expertise in making sure the project financially funded accordingly, said CCB Labuan first vice president Alvin Han Jiunn Kwang.

The proposed project to link the island to mainland Sabah via Menumbok, which will be on private finance initiative (PFI), is expected to be awarded by end-2020, with a period of one year for evaluating the requests for proposal submitted from end of this year.

Han told Bernama that the international financial group was also ready to finance the Labuan smart city project in line with the Labuan Development Blueprint 2030.

“CCB, having been established for decades, has the financial stability and we are here to be fully prepared to provide banking facilities to local large-scale infrastructure construction projects on the island, including the Labuan bridge, Labuan smart and sustainable island city and Labuan integrated port,” he said.

Han expressed optimism that the bank’s entry into the Labuan International Business amd Financial Centre (Labuan IBFC) would able to create favourable growth to the local economy in the near future.

“Labuan Financial Services Authority (FSA) has authorised CCB Labuan to be the first digital bank and appointed CCB Labuan as the designated renminbi clearing bank in Labuan IBFC,” he said at the bank’s official launching at the Financial Park Complex Conventional Hall here today.

CCB Labuan, which began operations on Sept 3, is now among the more than 6,000 active companies within the Labuan IBFC. This augurs well in terms of supporting both domestic and international entities in Labuan and regionally through the provision of comprehensive financial services deposit accounts, credit facility and treasury products, trade financing as well as e-banking facility.

Han said CCB in Labuan would also facilitate the financial facilities especially for investors from China who wanted to do business in Labuan.

“We are working together with China Construction Bank (Malaysia) Bhd (CCBM) in terms of internal operations,” said its vice president Francis Lo Vun Khin.

CCBM, the first foreign-owned commercial bank to open its doors in Kuala Lumpur after receiving a licence to operate in November 2016, has given banking facilities to various mega projects in Malaysia.

Among the latest financial assistance rendered was the RM1.88 billion in banking facilities to Proton to fund the expansion around the region.

The bank has also inked memoranda of understanding with, among others, Malaysian Investment Development Authority, InvestKL, Malayan Banking, CIMB Cambodia, Public Bank, YTL Group, Aroma Teraju Sdn Bhd and Xiamen University.

Han said the CCB Group’s core strategywas to build a digital financial ecosystem with the use of financial technology to empower customers’ access to their banking needs virtually via a comprehensive suite of wholesale and retail products and services.

China Construction Bank Corporation, headquartered in Beijing, is a leading joint stock large-scale commercial bank in China. It is listed on the Stock Exchange of Hong Kong and the Shanghai Stock Exchange.

At the end of 2018, the bank’s market capitalisation reached US$207.18 billion, ranking fifth among all listed banks in the world. The group ranks second among global banks in terms of Tier 1 capital.

The CCB Labuan branch was jointly officiated by Deputy Minister of Health, Dr Lee Boon Chye, Labuan FSA director-general Danial Mah Abdullah and Special Envoy of Malaysia to China, Tan Kok Wai, among others.

More than 800 guests of CCB from all over Malaysia as well as other parts of the world were present.

News Source: Bernama, 25 Oct 2019.

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