MBSB-MIDF merger gets MoF approval

Malaysia Building Society Bhd has obtained approval from the finance ministry to acquire Malaysian Industrial Development Finance Bhd.

In its bourse filing today, MBSB said it has received notification from Bank Negara Malaysia that the ministry has granted approval for its proposed acquisition of MIDF from Permodalan Nasional Berhad .It said the transaction will result in a well-capitalised financial services group, which is financially resilient and is able to compete in the market with a stronger balance sheet.

Group CEO of MBSB Nor Azam M. Taib said, “With the combined strength and expertise of both MBSB and MIDF, we will be able to expand into new and larger customer segments through tailored financing, structuring and advisory solutions to support the business needs and growth of consumers and corporate clients.”

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