Facebook Twitter Google Plus Vimeo Youtube Feed Feedburner

ROS LBoard 1

MBSB seeks merger talks with Asian Finance Bank Bhd

 | June 19, 2017

It has asked Bank Negara and finance ministry for approval to begin negotiations.

mbsb2KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) has submitted an application to Bank Negara Malaysia (BNM) to seek its approval and that of the finance ministry to hold merger talks with Asian Finance Bank Bhd (AFB).

“The board of directors of MBSB wishes to announce that the company had, on June 19, 2017, submitted an application to BNM to seek the approvals of BNM and/or the Ministry of Finance for the proposed merger,” MBSB said in a filing to Bursa Malaysia today.

It said further announcements would be made upon receipt of the decision from BNM.

According to AFB’s website, the bank was backed by a consortium of shareholders from leading West Asian investors – Qatar Islamic Bank (66.67%), RUSD Investment Bank (16.67%), Tadhamon International Islamic Bank (10%) and Financial Assets Bahrain W.L.L (6.67%).

The full-fledged Islamic bank was incorporated on Nov 28, 2005.



Readers are required to have a valid Facebook account to comment on this story. We welcome your opinions to allow a healthy debate. We want our readers to be responsible while commenting and to consider how their views could be received by others. Please be polite and do not use swear words or crude or sexual language or defamatory words. FMT also holds the right to remove comments that violate the letter or spirit of the general commenting rules.

The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.