Malaysia Building Society Berhad has announced that an application has been made to Bank Negara Malaysia to seek approval for proposed acquisition of Malaysian Industrial Development Finance from Permodalan Nasional Berhad, to form a universal Islamic banking group.
Subject to BNM’s or the Ministry of Finance’s approval is obtained, it said a definitive Sale and Purchase Agreement will be signed by the transacting parties. Subsequently, the approval of other regulators and shareholders will be sought. The proposed transaction is to be strategic as MBSB Bank and MIDF are two distinctively positioned financial services groups with complementary products and services.
The universal Islamic banking group is envisaged to offer a wider range of financial solutions to a broader range of customers.
