KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) chairman Datuk Seri Nazir Razak has called for the rapid consolidation of Development Financial Institutions of (DFIs) in the country as there are too many sub-scale DFIs with overlapping mandates. "One of Malaysia’s economic problems is that we have too many sub-scale DFIs and overlapping DFI mandates. "Since the Asian financial crisis, we have transformed our capital markets, our government-linked companies, our banking system and governance of our corporate sector, but we have done little to DFIs,” he said. He lamented the fact that during the COVID-19 economic and health crisis, the DFIs were not strong enough to provide effective countercyclical support to businesses and the economy. "Aside from the possibility of further consolidation, I would suggest that there should be new overall performance measurement, governance and talent management frameworks,” said Nazir.

Source: The Star September 30, 2021 03:25 UTC