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KUALA LUMPUR: Malaysian Industrial Development Finance Bhd (MIDF) has received approval from Bank Negara Malaysia to begin negotiations on a propsoed merger with Al Rajhi Banking & Investment Corp of Saudi Arabia’s Malaysian unit.

MIDF is seeking a merger with Al Rajhi Banking & Investment Corp (Malaysia) Bhd.

In a statement today, MIDF said the negotiations must be completed within three months from the date of the letter issued by Bank Negara.

“This should not be construed as implying that a final merger agreement will be reached or that Bank Negara has approved the merger,” MIDF said.

If an agreement was achieved, it would also be subject to various conditions, including all relevant legal requirements and the approval of all regulatory authorities involved, in both Malaysia and Saudi Arabia, it added.

MIDF group mamabging director Datuk Charon Mokhzani said: “We are grateful for the approval from Bank Negara for us to start negotiations. We look forward to having fruitful discussions with Al Rajhi Banking & Investment Corp, and to a mutually beneficial outcome.”

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