Set up a bank for bumis, gov't told

The Malay Chamber of Commerce Malaysia (DPMM) has urged the government to set up a bank specifically for bumiputeras with an initial fund of RM2 billion. 

DPMM president Syed Ali Alattas made the proposal as he felt that middle class entrepreneurs were not provided for under the government's recently unveiled Bumiputera Economic Empowerment Agenda.

"The proposal is to establish a Bumiputera bank with an initial RM2 billion capital, RM1 billion from the government and another RM1 billion from the Malays," he told reporters. 

Syed Ali however said that his proposal was not going to be a revival of the old Bank Bumiputera, which folded because of mismanagement and misplaced government lending directives. It was transformed into CIMB Bank, a commercial bank.

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