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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.

 


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