(1) A licensed financial institution may acquire or establish a subsidiary company with the prior written approval of the Central Bank, where the subsidiary shall be engaged solely in permissible activities as determined by the Central Bank.
(2) The investment of a licensed financial institution in a permitted subsidiary shall not exceed 10% of the capital base.
(3) The aggregate amount of investment which a licensed financial institution may take in respect of its subsidiaries, shall not exceed 20% of its capital base.
(4) In considering the granting of approval under this section, the Central Bank shall take into account —
(a) whether the acquisition of the shares is likely to prejudice the —
(i) financial condition of the licensed financial institution,
(ii) capitalisation of the licensed financial institution,
(iii) interest of depositors of the licensed financial institution;
(b) whether the corporate affiliations and structure of the licensed financial institution exposes the licensed financial institution to undue risks or hinder its effective supervision; and
© any other criteria as the Central Bank may determine.