Maybank incorporates new unit in India

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has incorporated a new subsidiary in India, MBB Labs Pvt Ltd, via its two wholly-owned subsidiaries, Dourado Tora Holdings Sdn Bhd and Maybank Shared Services Sdn Bhd.

MBB Labs will provide information technology development services to the Maybank group.

In a filing with Bursa Malaysia, Maybank said the issued and paid-up share capital of MBB Labs stood at 15 million rupees (RM970,766), comprising 1.5 million shares of 10 rupees (65 sen) each.

Maybank's subsidiaries each hold 1,499,999 and 1 equity shares respectively in MBB Labs.

Maybank had obtained Bank Negara's approval for the incorporation on July 3, 2017.

The lender said the Indian unit was not expected to have any material impact on the earnings, net assets and gearing of the Maybank Group for the financial year ending Dec 31, 2017. - Bernama