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MIDA, Citi Malaysia inks MoU to expand banking service offering to foreign investors in Malaysia

MIDA, Citi Malaysia inks MoU to expand banking service offering to foreign investors in Malaysia

08 Sep 2021

The Malaysian Investment Development Authority (MIDA) and Citibank Bhd (Citi Malaysia) signed a memorandum of understanding (MoU) today to expanding Citi Malaysia’s financial platform and banking services to new and existing foreign investors in Malaysia.

MIDA chief executive officer Arham Abdul Rahman said the collaboration stimulate active business environment in the current economic recovery.

Arham said in response to the changing global business landscape, Malaysia is adopting bold and impactful initiatives to encourage existing and new investors and industry players to induce new investments into the country.

“The MoU with Citi Malaysia signifies MIDA’s continuous commitment in pursuing high technology and high value-added investment projects according to the National Investment Aspiration (NIA) framework and goals of the 12th Malaysia Plan in driving further economic growth.

“I trust this partnership will also boost the government’s ongoing efforts to position Malaysia as the pre-eminent preferred investment destination in the region,” he said in a statement today.

The MoU was signed virtually by Arham and Citi Malaysia chief executive officer Usman Ahmed.

The ceremony was also attended by Citi Malaysia’s head of corporate banking Zuliana Tann, head of global subsidiaries group Biplab Banerjee and head of treasury and trade solutions Abdul Jalil Jalaludin.

Virtual attendees from MIDA include deputy chief executive officer Sivasuriyamoorthy Sundara Raja and director of foreign investment promotion Faizal Jalaludin.

“Citi Malaysia is very pleased to partner with MIDA as we expand our institutional business in Malaysia and continue to present Malaysia as an attractive investment destination to our clients across the globe,” said Usman.

“Despite the challenges posed by the Covid-19 pandemic, we have witnessed significant growth inflows across key investment corridors as Malaysia continues to stand out as an important and competitive investment destination.

“We thank MIDA for this opportunity to work together to promote FDI and trade flows. As the world’s most global bank, Citi has a presence in 96 countries and does business in

over 160 countries, and through this MoU we look forward to harnessing the full potential of our network, world-class products and digital banking capabilities to further deepen our commitment to the country.” he said.

Citi Malaysia’s multinational clients operating in various industries spanning across the high-technology manufacturing, industrials, energy (including renewables), consumer, health care, services, as well as hardware and software technology sectors.

Citi Malaysia is also one of the largest market makers for the Malaysian Government Securities and is among the top foreign banks in Malaysia for Corporate Foreign

Exchange, cross border cash management and institutional investor transactions.   

Source: NST

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