Labuan eyes 10,000 registered companies in 2013

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Labuan Financial Park

Labuan, the federal territory of Malaysia off the coast of Sabah and known as an offshore financial center, aims at reaching a total number of registered companies in 2013 of at least 10,000, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said at a press conference on June 14 in Kuala Lumpur.

Growth would be based on businesses including leasing activities, foundations, insurance and Islamic finance, major segments at the Labuan International Business and Financial Centre (Labuan IBFC), she said.

The number of registered companies was 9,811 as of May 2013. Among them, there were 59 banks, 203 insurance and insurance-related companies, 257 leasing companies and 37 trust companies.

Labuan’s banking alone had an asset base of $42.1 billion, according to the Labuan Financial Services Authority’s 2012 annual report. Total assets for Labuan insurance companies were $4.2 billion and total gross premiums grew to $1.7 billion. Of the 29 new licences issued in 2012, the majority were insurance brokers and captive insurers.

Two large reinsurance companies relocated branches from Europe to Labuan IBFC to focus their businesses in Asia and the Oceania region, the governor said.

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Reading Time: 1 minute

Labuan Financial Park

Labuan, the federal territory of Malaysia off the coast of Sabah and known as an offshore financial center, aims at reaching a total number of registered companies in 2013 of at least 10,000, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said at a press conference on June 14 in Kuala Lumpur.

Reading Time: 1 minute

SONY DSC
Labuan Financial Park

Labuan, the federal territory of Malaysia off the coast of Sabah and known as an offshore financial center, aims at reaching a total number of registered companies in 2013 of at least 10,000, Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz said at a press conference on June 14 in Kuala Lumpur.

Growth would be based on businesses including leasing activities, foundations, insurance and Islamic finance, major segments at the Labuan International Business and Financial Centre (Labuan IBFC), she said.

The number of registered companies was 9,811 as of May 2013. Among them, there were 59 banks, 203 insurance and insurance-related companies, 257 leasing companies and 37 trust companies.

Labuan’s banking alone had an asset base of $42.1 billion, according to the Labuan Financial Services Authority’s 2012 annual report. Total assets for Labuan insurance companies were $4.2 billion and total gross premiums grew to $1.7 billion. Of the 29 new licences issued in 2012, the majority were insurance brokers and captive insurers.

Two large reinsurance companies relocated branches from Europe to Labuan IBFC to focus their businesses in Asia and the Oceania region, the governor said.

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