Malaysia’s BIMB starts talks with Tabung Haji for Bank Islam stake

KUALA LUMPUR, June 11 — Malaysia’s BIMB Holdings Bhd has received approval from the country’s central bank to begin talks with Lembaga Tabung Haji for the latter’s 18.5 per cent stake in Bank Islam, the country’s oldest Islamic bank.

Source from (The Malaysian Insider): http://www.themalaysianinsider.com/business/article/malaysias-bimb-starts-talks-with-tabung-haji-for-bank-islam-stake/
Published: Jun 12, 2013

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/20130612002442/Article/index_html
Published: Jun 12, 2013


BIMB, which presently owns 51 per cent of Bank Islam, is also in the process of acquiring the 30.5 per cent stake held by Dubai Financial Group. If it acquires both stakes, BIMB will control 100 per cent of Bank Islam.

Islamic finance in Malaysia, which has seen regulatory reforms boost its share of the country’s total banking assets to more than 20 per cent, has seen major consolidations as banks seek to manage operational costs and win bigger deals.

Negotiations between BIMB and Lembaga Tabung Haji, which manages funds for Muslim Malaysians to perform their pilgrimages to Mecca, will be completed by the end of the year, BIMB said in a stock exchange filing today.

BIMB’s chief executive officer Johan Abdullah told reporters in May that the valuation of the Dubai stake was already determined, although a complete proposal had not been filed and the amount has not been disclosed. — Reuters