Second bite for PNB in MIDF merger

PNB head of syariah management department Dr Ahmad Basri Ibrahim said it aspires to progress with more significant achievements through the continuous implementation of its initiatives to assist in encouraging stability and growth of the Islamic investment industry in Malaysia.

PETALING JAYA: Permodalan Nasional Bhd (PNB) has a new opportunity to monetise its investment in Malaysian Industrial Development Finance Bhd (MIDF) after its plan to merge the wholly owned lender with the local arm of the world’s largest Islamic bank was dashed back in 2020.

The aborted merger of PNB’s MIDF and Al Rajhi Banking and Investment Corp (M) Bhd would have resulted in combined assets of RM13.43bil and paved the way for MIDF to become a full-fledged bank.