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

Posted by on Jun 13th, 2013 and filed under ASIA, Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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 percent stake in Bank Islam, the country's oldest Islamic bank. BIMB, which presently owns 51 percent of Bank Islam, is also in the process of acquiring the 30.5 percent stake held by Dubai Financial Group. If it acquires both stakes, BIMB will control 100 percent of Bank Islam. Negotiations between BIMB and Lembaga Tabung Haji will be completed by the end of the year. 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.


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