Malaysia's Nazem Niaga Sdn Bhd has signed a memorandum of understanding (MoU) with Hong Kong Royalty International Group Ltd to set up a full-fledged commercial bank in Malaysia and a correspondent bank in China , reported Bernama.

The MoU was signed on April 10 by Nazem Niaga Chairman Datuk Seri Prof Diraja Siyed Abdul Rahman Siyed Osman Al-Attas and Hong Kong Royalty International Chairman Datuk Tan Thian Lai and President Yin Xu Guang.

The bank, expected to be launched next month, aims to spearhead business between Malaysia and China .
The bank, which has already been established but not yet running, has been licensed by Bank Negara Malaysia, with initial minimum investment of 30 billion USD invested by Hong Kong Royalty International Group.-VNA