May 25, 2011 / 10:01 AM / 7 years ago

Malaysia's BIMB says not keen on Bank Islam-Muamalat union

KUALA LUMPUR, May 25 (Reuters) - Malaysian Islamic financial group BIMB said on Wednesday it was unable to consider a merger between its unit Bank Islam with rival Bank Muamalat at this juncture.

“BIMB wishes to announce that, after careful consideration of Bank Islam Malaysia Berhad’s current strategic plans and positioning, the company is unable to consider a merger exercise at this point of time,” BIMB said in a stock exchange filing.

Financial-to-autos group DRB-Hicom , which owns 70 percent in Bank Muamalat, had said this month it would explore the possibility of merging the Islamic bank with Bank Islam. [ID:nL3E7GD229]

Bank Islam is Malaysia’s No. 2 sharia bank and it is 51 percent owned by BIMB. Dubai Financial Group has a 30.5 percent share and the Malaysian pilgrim’s fund owns 18.5 percent. (Reporting by Liau Y-Sing; editing by Razak Ahmad)

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