|Description||ACQUISITION OF THE 100% SHAREHOLDING IN MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD (MIDF) WHICH IS HELD BY PNB ("PROPOSED TRANSACTION").
Reference is made to the Company’s announcements dated 6 April 2022, 22 April 2022, 30 September 2022, 5 October 2022, 21 October 2022 and 10 November 2022 in relation to the Proposed Transaction (“Earlier Announcements”).
Unless otherwise stated, all defined terms in this announcement shall carry the same meanings as defined in the Earlier Announcements.
On behalf of the Board, AmInvestment Bank Berhad wishes to announce that MBSB has received notification from BNM that the MOF has granted approval for the Proposed Transaction.
The Proposed Transaction will 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.
With the combined strength and expertise of both MBSB Bank and MIDF, the enlarged MBSB group 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.
Further details will be announced upon the execution of the share purchase agreement in respect of the Proposed Transaction.
This announcement is dated 14 April 2023.
|Company Name||MALAYSIA BUILDING SOCIETY BERHAD|
|Date Announced||14 Apr 2023|
|Category||General Announcement for PLC|