In tandem, CIMB Islamic, RHB Islamic and MBSB
will merge to form a mega-Islamic Bank.
The second part of the deal includes the proposed merger of CIMB Islamic, RHB Islamic and MBSB
to generate a mega-Islamic bank.
Through intensive product development and new marketing campaigns, MBSB
plans to grow its retail assets -personal financing and home mortgage products - while also establishing a position as a reliable corporate financial provider.
The largest shareholders of MBSB
and Bank Muamalat are the EPF (64 per cent) and DRB-HICOM (70 per cent).
In the financial sector, a potential merger between RHBCAP and MBSB
has been touted in recent reports.
is currently preparing to perform its own salary deduction directly from the Accountant General's (AG) office instead of via Biro Perkhidmatan Angkasa (BPA).
This follows the announcement that merger discussions among CIMB Group Holdings Berhad, RHB Capital Berhad and MBSB
We would like to put on record our sincere appreciation to the Board of Directors and management of RHB Capital and MBSB
for their full cooperation during our discussions," he added.
The positive Rating Watch mirrors our view that the merged entities' credit profile will commensurate with the highest ratings on RAM's national scale if the proposed merger of CIMB Islamic Bank Berhad (rated AAA/Stable/P1 by RAM), RHB Islamic Bank Berhad (rated AA2/-/P1/RW_Positive by RAM) and MBSB
to form a mega Islamic bank materialises.
, RHB Capital and CIMB Group) as well as being the single largest shareholder of both MBSB
and RHB Capital, there exists such a potential conflict of interest situation, where EPF may be able to influence the Proposed Merger to its own benefit; and
On 8 October 2014, CIMB, RHB Capital and MBSB
had agreed in principle to key terms of the proposed merger and are now seeking regulatory approval.
This move charts another significant milestone in the history of MBSB
since its inception and we are happy to be part of this corporate exercise," said Dato' Ahmad Zaini bin Othman, President and Chief Executive Officer of MBSB