The company told Bursa Malaysia today that it had received notification by Bank Negara Malaysia, vide its letter dated today, on the minister’s approval for the 100% equity stake acquisition.
It said further details will be announced upon the finalisation and execution of the definitive agreement.
MBSB’s proposed merger of the two banking entities would create the country’s second largest, stand-alone Islamic bank, with total assets of about RM47.8 billion, after Bank Islam Malaysia Bhd.
MBSB shares closed down one sen or 0.78% to RM1.27, with a market capitalisation of RM7.52 billion.
Source: The Edge Markets