Mergers can result in economies of scale for banks, stabilise the industry and protect consumers, it says. FMTNews Pas BankMerges
Maybank, CIMB Bank and Public Bank are among local banking giants which have expanded across the region.
In a statement, the Islamist party’s central economic, real estate and entrepreneur development committee vice-chairman Mazli Noor said an industry-wide merger should be considered immediately given the most recent cut in overnight policy rate by 25 basis points to 2.50%, the lowest in 10 years. He said while borrowers would benefit from the lower OPR, banks would find it harder to attract new deposits and increase their finances.
He said in the longer run, such mergers would see a rationalisation of costs across the board and a lowering of risks associated with non-performing loans.
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