Login:
Share:
Email Facebook Twitter

Finance & Stock Market News


Malaysia's Bank Islam in talks to buy Indonesia's Bank Muamalat-report

Mon, 13th Feb 2012 03:21


KUALA LUMPUR, Feb 13 (Reuters) - Bank Islam, the second largest sharia ban
k in Malaysia, is in early talks to buy a stake in PT Bank Muamalat Indonesia, Business Times reported on Monday.

Middle Eastern financial institutions such as Islamic Development Bank, Boubyan Bank Kuwait and a Saudi investment holding firm Sedco own 75 percent of Bank Muamalat and are looking to sell down their holdings, Business Times said citing a source.

The widely-read newspaper also said the Indonesia's central bank was keen to see an Islamic bank take up a stake in Bank Muamalat -- the country's oldest Islamic bank.

Bank Islam is a 51 percent owned unit of Malaysia's Islamic financial group BIMB Holdings Bhd, which has earlier said it was not keen on a Bank Islam-Muamalat union.

A Bank Islam offical told Reuters the bank was interested in expanding into Indonesia but declined say if the intended acquisition would be Bank Muamalat.

Qatar Islamic Bank pulled out of the bidding race for a majority stake in Bank Muamalat, banking sources told Reuters in July last year, leaving Standard Chartered Plc as the sole remaining bidder.

Shares of BIMB rose 1.38 percent to 2.21 ringgit ($0.73) as of 0230 GMT. ($1 = 3.0285 ringgit)



(Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage) Keywords: BANKISLAM BANKMUAMALAT/

(yantoultra.ngui@thomsonreuters.com)(+60323338036)(Reuters Messaging: yantoultra.ngui@thomsonreuters.com)

COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.


Related Shares: Standard Chartered (STAN).


Next Article: Glance-PRESS DIGEST- Monday British business Feb. 13

Back to Finance News


Sign up for Live Prices


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.