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Malaysia's AMMB says to buy Islamic banking unit for 1.3 bln rgt
February 21, 2011 / 10:19 AM / 7 years ago

Malaysia's AMMB says to buy Islamic banking unit for 1.3 bln rgt

KUALA LUMPUR, Feb 21 (Reuters) - AMMB Holdings Bhd said:

* Says to buy 100 percent of Islamic banking unit from AmBank (M) Bhd, another unit, for 1.3 billion ringgit ($428.5 million).

* Says proposed acquisition part of group’s ongoing capital management strategy to enable it to address the impact of the planned introduction of new capital regulation under Basel 3, and to streamline the group’s shareholding structure.

* Says proposed acquisition will be funded by internally generated funds.

$1 = 3.034 Malaysian Ringgit Reporting by Kuala Lumpur newsroom

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