MBSB seeks approval for MIDF acquisition

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) has submitted an application to Bank Negara Malaysia (BNM) to seek approval for its proposed acquisition of Malaysian Industrial Development Finance (MIDF) from Permodalan Nasional Bhd to form a universal Islamic banking group.

Subject to the approval of BNM and/or the Finance Ministry being obtained, a definitive sale and purchase agreement would be signed by the transacting parties, it said in a filing with Bursa Malaysia today.