We are pleased to announce that Malaysia Building Society Berhad (“MBSB”) has successfully completed the legal acquisition of Asian Finance Bank Berhad (“AFB”) as of 7 February 2018; AFB is now a wholly-owned subsidiary of MBSB.
The MBSB and AFB merger is expected to leverage on the strength of MBSB’s business and the banking license held by AFB is anticipated to transform the merged entity into a full-fledged Islamic bank in Malaysia that offers Islamic universal banking services to both retail and wholesale banking customers such as, amongst others, deposit taking without restrictions, wealth management, foreign exchange, investment banking, debt capital management and trade finance. The Islamic bank’s proposed provision of a full spectrum of Islamic banking products is in line with MBSB’s roadmap to transform into a full-fledged financial institution.
On completion of the acquisition, MBSB will transfer all of its Shariah-compliant assets and liabilities to AFB as part of the roadmap to become a full-fledged Islamic bank. Prior to the completion of such an event, as well as other merger conditions as set out in the MBSB Company Announcement dated 6 November 2017, MBSB and AFB will continue to operate with the respective products and services up until further notice.
For further information, please contact us at 03-2096 3000 or email firstname.lastname@example.org.