KUCHING: The Development Bank of Sarawak (DBOS) abides by Bank Negara Malaysia’s guidelines and best practices in its operations, said the state-owned development bank.
In a statement in response to Parti Sarawak Bersatu (PSB) president Datuk Seri Wong Soon Koh’s recent remarks on the bank, DBOS said they are a development financial institution and mandated to fund the state’s strategic infrastructure projects.
“The bank seeks deposits like any other financial institutions from the state government, statutory bodies, local authorities and state government-controlled companies,” it said.
The bank also said it conduct lending activities like any other banks, and manages its deposits and placements like any other financial institutions.
“Withdrawals on deposits can be made at any time, in accordance with normal banking practices,” it said.
Soon Koh on Saturday (Nov 14) had questioned whether or not the money transferred into DBOS from the Reserve Fund could still be considered a part of the State Reserve Fund.
DBOS, a wholly owned subsidiary of the State Financial Secretary, Sarawak was incorporated on 11 May, 2017.
It carries on business as a Development Financial Institution and lending activities with the sources of funding from capital injections from DBOS’ holding company, state government’s deposits and deposits from state government’s statutory bodies and linked companies in support of the state government’s efforts on development of strategic infrastructure projects.
DBOS also focus on development projects which Sarawak is or will be involved in, amongst others are the following sectors: Digital Economy; Urban Public Transport; Renewable Energy (Power generation), Oil & Gas Industry, Healthcare, Modern Agriculture and Infrastructure.
