UALA LUMPUR, Feb 7 — Malaysia Building Society Bhd (MBSB) has completed the acquisition of Asian Finance Bank Bhd (AFB).
In a filing to Bursa Malaysia today, MBSB said, the RM644.95 million acquisition was completed following its settlement of a balance cash consideration of RM357.2 million as well as the allotment of the consideration shares in accordance with the terms of the sale and purchase agreement.
“Upon the listing of the consideration shares on Feb 8, 2018, an amount of RM24.81 million — representing the deposit paid on the portion of the purchase consideration settled via the consideration shares — will be refunded to MBSB,” it said.
Meanwhile, in a statement today, MBSB said, as a result of the merger, it would be the financial holding company of AFB with 100 per cent equity.
“Through this merger, we believe that it will help our integrated organisation to become a full-fledged Islamic bank with the scale, breadth and capabilities to compete more effectively and profitably in the industry,” said Group President and Chief Executive Officer, Datuk Seri Ahmad Zaini Othman.
The merger of the two entities would allow the new bank to be the country’s second-largest stand-alone Islamic bank with total assets of RM47.81 billion, he said.
“MBSB will also be developing digital capabilities and innovative products to attract new customers and better serve the loyal customers.
“New focus will also be established in areas such as digital customer experience, digital banking, FinTech and data & analytics,” he said. — Bernama
