Breaking News-(BN) Malaysia Raises Foreign Limits as Najib Opens Economy (Update)

April 27 (Bloomberg) -- Malaysia raised foreign ownership limits at non-commercial banks and will let in more overseas lenders as Prime Minister Najib Razak attempts to soften the economic slowdown and offset a slump in investment.
Overseas investors will be able to own 70 percent of local insurers, Islamic and investment banks, and sellers of Shariah- compliant insurance, up from 49 percent, Najib said today at his office in Putrajaya, outside Kuala Lumpur. Malaysia will issue three new licenses to foreign banks in 2011, he said.