News Formal

MBSB obtains approval for MIDF acquisition

  • 📰 staronline
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 75%

Business News News

Business Business Latest News,Business Business Headlines

MBSB said the proposed transaction would result in a well-capitalised financial services group which is financially resilient to compete in the market with a stronger balance sheet.

MBSB group chief executive officer Datuk Nor Azam M. Taib

PETALING JAYA: Malaysia Building Society Bhd has received approval for the proposed acquisition of Malaysian Industrial Development Finance Bhd from Permodalan Nasional Bhd. The bank, in a statement, said it received a notification from Bank Negara that the Minister of Finance has granted approval for the proposed acquisition.

Further, it will create a universal banking group with end-to-end banking services comprising consumer banking, commercial & SME banking, development finance, corporate banking, investment banking and asset management, servicing a wider customer base that extends beyond MBSB Bank and MIDF’s pool of existing customers.

MBSB said it will announce further details upon the execution of the share purchase agreement in respect of the proposed transaction

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MBSB-MIDF merger gets MoF approvalMBSB-MIDF merger gets MoF approval FMTNews FMTBusiness
Source: fmtoday - 🏆 5. / 72 Read more »