MBSB obtains approval for MIDF acquisition

MBSB group chief executive officer Datuk Nor Azam M. Taib

PETALING JAYA: Malaysia Building Society Bhd (MBSB) has received approval for the proposed acquisition of Malaysian Industrial Development Finance Bhd (MIDF) from Permodalan Nasional Bhd.

The bank, in a statement, said it received a notification from Bank Negara that the Minister of Finance has granted approval for the proposed acquisition.

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MBSB said the proposed transaction would result in a well-capitalised financial services group which is financially resilient to compete in the market with a stronger balance sheet.

Further, it will create a universal banking group with end-to-end banking services comprising consumer banking, commercial & SME banking, development finance, corporate banking, investment banking and asset management, servicing a wider customer base that extends beyond MBSB Bank and MIDF’s pool of existing customers.

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“With the combined strength and expertise of both MBSB Bank and MIDF, we will be able to expand into new and larger customer segments through tailored financing, structuring and advisory solutions to support the business needs and growth of consumer and corporate clients,” MBSB group chief executive officer Datuk Nor Azam M. Taib said.

MBSB said it will announce further details upon the execution of the share purchase agreement in respect of the proposed transaction