Monday, Jan 10, 2011
TOKYO (Nikkei)--Mizuho Corporate Bank and Maybank, Malaysia's largest financial services group, have agreed to form a business partnership covering Islamic finance, the Nikkei reported in its Monday edition.
An announcement will come as soon as this week. The Mizuho Financial Group Inc. (8411.TO) subsidiary plans to open a local unit in Malaysia as early as the spring and will draw on Maybank's know-how to offer its own Islamic financial services in the Southeast Asian country, which aims to become a hub for this type of banking.
The wide-ranging partnership will extend to other areas, including syndicated lending, and enable the banks to help foreign and domestic client firms expand into the region.
With MYR350 billion, or some Y9.5 trillion, in assets, Maybank offers commercial and investment banking, securities trading, and other financial services to a broad customer base.
(END) Dow Jones Newswires
10-01-11 2320GMT
