The firm said that it would undertake an internal restructuring which would lead to its wholly-owned banking subsidiary, MBSB
Bank Bhd, becoming the group's holding company within the next two years.
had said the RM645 million acquisition of AFB has been closed after the settlement of the balance cash consideration and the allotment of the consideration stock.
The move would allow MBSB
a cheaper funding source and offer more fee-based products by inheriting AFB's banking license.
He also thanked MBSB
, Qatar Islamic Bank, RUSD Investment Bank and Tadhamon International Islamic Bank for their assistance and cooperation.
The ratings and outlooks assigned to CIMB Group, CIMB Bank and CIMB Islamic Bank are not affected by the termination of the proposed merger with RHB and MBSB
since we had not viewed the credit fundamentals of the CIMB entities as being materially affected by the planned merger.
Last week, CIMB, RHB Capital, which is Malaysia's fourth largest bank, and MBSB
said they had entered into a 90-day exclusivity agreement to negotiate the proposed merger of the three entities and ''the creation of a mega Islamic bank''.
The contribution was handed over by MBSB
Bank chairman Tan Sri Abdul Halim Ali and its president and chief executive officer Datuk Seri Ahmad Zaini Othman to Finance Minister Lim Guan Eng in Putrajaya.
Bank Bhd, an Islamic bank, has said that it is looking to ramp up its digital offerings for customers.
has told Bursa Malaysia that once the consideration stock are listed on Feb 8, 2018, a sum of RM24.8 million, representing the deposit paid on the portion of the purchase consideration settled through the consideration shares, will be refunded to MBSB
The Tranche one Sukuk's rating reflects a 4-notch uplift from MBSB
's long-term A2 financial institution rating (FIR).
The agreement will allow MBSB
Bank to expand its treasury management system via FIS using solutions such as the 'Treasury Management, Asset and Liability Management, Market Data and Reconciliation' while achieving an increase in internal and external customer service levels.
The RM644.95 million deal was closed after MBSB
settled a balance cash consideration of RM357.2 million as well and alloted the consideration stock in line with the terms of the sale and purchase agreement.