17 August 2011
Hong Leong Bank's Group MD, Yvonne Chia recently informed local press that the merger process of Hong Leong Islamic Bank and EONCAP Islamic Bank would be made public in the coming weeks.
Hong Leong Bank's Group MD, Yvonne Chia recently informed local press that the merger process of Hong Leong Islamic Bank and EONCAP Islamic Bank would be made public in the coming weeks.
The two Islamic banks remain separate legal entities although their banking products and services have been integrated following HLB's RM5.1bn ($1.7bn) acquisition in May this year of EON Bank Group which comprised EON Bank, EONCAP Islamic Bank and MIMB Investment Bank.
While EBB and EIB have been absorbed into HLB, Chia said that MIMB Investment Bank might be sold off. The expanded HLB is now Malaysia's fourth largest bank with an asset size of over RM140bn ($47bn) and a footprint of 329 branches nationwide, second only to Maybank's 384.
© The Islamic Globe 2011
