Thursday, 18 July 2013

Alliance says it's not affected by Financial Services Act rulings

The tighter rulings laid out by the new Financial Services Act (FSA) bear no impact on the Alliance Financial Group, according to its chairman Datuk Oh Chong Peng. The FSA requires financial holding companies, which own more than 50% of licensed financial institutions governed by Bank Negara, to come under the purview of the central bank. Alliance Financial Group holds a 100% stake in Alliance Bank Malaysia Bhd, which in turn wholly-owns the investment banking arm as well as the Islamic banking arm, among other subsidiaries. (Starbiz)

Source: CIMB Daybreak - 18 July 2013

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