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Malaysian banks are still being forced to merge but the terms are less Draconian following a softening of the authorities’ stance.

Back in July, the central bank Bank Negara issued an edict instructing the country’s 55 financial institutions – 20 commercial banks, 23 finance companies and 12 merchant banks – to merge into six core groups by April next year. The decree was designed to turn up the heat in a bid to ensure the industry got its act together in the face of global competition.