The merger is not expected to have a material impact on the bank’s financial statements.
Monday 14, January 2019 BY KUDAKWASHE MUZORIWA
Saudi Arabia’s Al Rajhi Bank said that it is in talks for a potential merger of its fully owned subsidiary in Malaysia with Malaysian Industrial Development Finance (MIDF), a state-backed financial institution.
In a bourse filing, the bank stated that its fully owned subsidiary, Al Rajhi Banking & Investment Corporation has entered into discussions to explore the possibility of a merger with MIDF after receiving preliminary approvals from the Saudi Arabian Monetary Authority (SAMA) and Bank Negara Malaysia (Malaysian Central Bank).
Additionally, the lender also said that if an agreement is achieved, it will be subject to various conditions including all relevant regulatory approvals.
There are no related parties involved in the proposed merger.