MBSB unaware of any consent from BNM for Bank Muamalat merger

by **Cals** Wed 05 Aug 2015, 21:19

MBSB unaware of any consent from BNM for Bank Muamalat merger

KUALA LUMPUR (Aug 5): Malaysia Building Society Bhd (MBSB) ([You must be registered and logged in to see this image.] Financial Dashboard) said it is unaware of any official consent by Bank Negara Malaysia for the bank to merge with Bank Muamalat Malaysia Bhd, in response to an article by a local daily today.
According to a filing with the exchange, it was reported that MBSB had verbally received the central bank’s nod to talk to Bank Muamalat for a possible merger to become the country’s largest standalone Islamic bank.
“We wish to clarify that MBSB is not aware of any official consent or otherwise made by Bank Negara Malaysia in relation to the abovesaid,” said the bank.
Another local daily recently reported that MBSB was looking to merge with Bank Muamalat as part of its plan to obtain a full-fledged Islamic banking license.
MBSB was originally part of a proposed tripartite merger with CIMB Group Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and RHB Capital Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), which was aborted in January, with the parties citing unfavourable economic conditions.
MBSB fell 2 sen or 1.12% to RM1.76 today, bringing its market capitalisation to RM5.05 billion.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)