MBSB to transform into Islamic after failed mergers

KUALA LUMPUR: After two failed merger attempts with Islamic banks, Malaysia Building Society Bhd is opting to transform into a syariah lender by itself.

MBSB has stopped offering conventional loans and sees more room for growth in Islamic services, chief executive officer Ahmad Zaini Othman said in an interview on Monday. The mortgage provider and consumer lender, whose net income plunged 75% last year, ended discussions with Bank Muamalat Bhd in February after a proposal to combine with CIMB Group Holdings Bhd and RHB Capital Bhd was called off in January 2015.