BIMB set to own 100% of Bank Islam

Bank Islam is BIMB

PETALING JAYA: BIMB Holdings Bhd is likely to conclude the purchase of the 18.5% stake held by Lembaga Tabung Haji (LTH) in Bank Islam Malaysia Bhd by the end of the month, sources said.

“Being friendly parties, there were no problems in the talks between BIMB and LTH, with pricing done at arm’s length on market benchmarks and in the best interest of the shareholders,” a source said, pointing out that it made sense for BIMB to wrap up the acquisition of the 49% stake in Bank Islam it does not own at one go to facilitate the raising of funds.