PETALING JAYA: The Finance Ministry’s Steering Committee has endorsed the institutional structure for Phase 1 of the development financial institutions (DFI) merger, which will see Danajamin Nasional Bhd become a wholly-owned subsidiary of Bank Pembangunan Malaysia Bhd.
In a statement, Bank Pembangunan said that although the due diligence process is still ongoing, it is targeting to complete Phase 1 of the merger by the fourth quarter this year.
“Both Bank Pembangunan and Danajamin are reviewing their business strategies to expand their scope of business in providing wider range of products and services, and greater value proposition to customers,” it said.
Bank Negara Malaysia had in December 2019 given its approval to both banks to commence negotiation for the first phase of the government’s proposed plan to merge the country’s DFIs.
source https://www.thesundaily.my/business/finance-ministry-endorses-phase-1-of-dfi-merger-EX2088327
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