Malaysia Building Society Bhd (MBSB) has informed that it has finally received approval from the Minister of Finance for the proposed acquisition of Malaysian Industrial Development Finance Bhd (MIDF) from Permodalan Nasional Bhd.
The approval was notified by Bank Negara Malaysia, separately MBSB said the proposed transaction will result in a financial services group with financially resilient capital to compete in the market with a stronger balance sheet. “Furthermore, it will create a universal banking group with more comprehensive banking services which will include consumer banking, commercial enterprise banking including small and medium, development finance, corporate banking, investment banking, and asset management, which will serve a wider customer base” said MBSB Group Chief Executive Officer, Datuk Nor Azam M Taib.
He also added that with this MBSB will be able to expand into new and larger customer segments through financing solutions, structuring including tailored advice to support business needs in addition to the growth of consumer and corporate customers with combined strengths and expertise.
The group will announce further details after the implementation of the share purchase agreement regarding the proposed transaction.
