MBSB gets shareholders approval for Asian Finance Bank acquisition
Last updated on 23 January 2018 - 04:06pm
KUALA LUMPUR: Malaysia Building Society Bhd (MBSB), which has received its shareholders' approval for the acquisition of Asian Finance Bank Bhd (AFB) at its EGM today, expects the integration with AFB to complete by March this year.
MBSB President and CEO Datuk Seri Ahmad Zaini Othman said MBSB is not laying off any staff from the merger, except one or two management under contract.
The merger will enable MBSB to access funding sources that were not previously available such as current account deposits and interbank funding.
MBSB will also be in the position to offer an end-to-end proposition of Islamic banking products and services such as trade facilities, investment advisory services and wealth management products as well as expand its banking services to SMEs.
It aims to become an Islamic financial institution by 2020 through its merger with AFB, which will create the second largest Islamic bank in the country.