Company Profile
History
The origin of Malaysia Building Society Berhad (MBSB) can be traced back to the Federal and Colonial Building Society Limited incorporated in 1950. In 1956, it changed its name to Malaya Borneo Building Society Limited (MBBS), with the Malaysian Government as its major shareholder. MBBS was then listed on the Stock Exchange of Malaysia and Singapore in August 1963.
The company became an incorporation in Malaysia under the Companies Act, 1965 on 17 March 1970, before it was listed on the Kuala Lumpur Stock Exchange now Bursa Malaysia on 14 March 1972. The Employees Provident Fund (EPF) and PermodalanNasionalBerhad (PNB) are currently the major shareholders of MBSB.
MBSB has evolved in its role from being the first property financier to a financial provider that offers a spectrum of innovative products and services throughout its branch network nationwide.
MBSB is 'an Exempt Finance Company'
MBSB is defined as a Scheduled Institution under the Banking and Financial Institution Act 1989 (BAFIA). The status of an Exempt Finance Company was granted to MBSB on 1 March 1972 by the Ministry of Finance and the status has remained since. This allows MBSB to undertake a financing business in the absence of a banking license.
Historical information:
- MBSB has been granted with an exemption under Section 7(4) of the Borrowing Companies Act 1969 (BCA)
- As a result of the change from BCA to FCA, all references to borrowing business and borrowing company were to be construed respectively as finance business and finance company
- The FCA was later repealed by Banking and Financial Institutions Act 1989 (BAFIA). As a result, all finance companies are now under purview of BAFIA
Section 128(2) of BAFIA states that all exemptions and approvals made or given under the repealed acts (FCA) shall be deemed to have been made and given under the relevant corresponding provisions of BAFIA and shall remain in force until revoked, rescinded or replaced by the corresponding provisions of BAFIA.