“The board of directors of MBSB wishes to announce that the company had, on June 19, 2017, submitted an application to BNM to seek the approvals of BNM and/or the Ministry of Finance for the proposed merger,” MBSB said in a filing to Bursa Malaysia today.
It said further announcements would be made upon receipt of the decision from BNM.
According to AFB’s website, the bank was backed by a consortium of shareholders from leading West Asian investors – Qatar Islamic Bank (66.67%), RUSD Investment Bank (16.67%), Tadhamon International Islamic Bank (10%) and Financial Assets Bahrain W.L.L (6.67%).
The full-fledged Islamic bank was incorporated on Nov 28, 2005.