Malaysian Banks Not Affected By U.S Subprime Crisis

September 21 2007


PUTRAJAYA, Sept 21 (Bernama) -- Malaysian banks are expected to do well based on the domestic consumption-led growth and will not be affected by the U.S subprime crisis, reiterated Second Finance Minister Tan Sri Nor Mohamed Yakcop today.

"As far as I know none of our banks are affected and have no direct exposure to the U.S subprime market," he told a press conference following a meeting here with the heads of the country's 20 leading Government Linked Companies, here today.

"In our case the banks should do well because we are consumption led, we have the EPF scheme and the banks would be the prime beneficiary of this consumption led growth.