The merger between MIDF and Al Rajhi Banking & Investment Corporation (Al Rajhi Malaysia) is expected to be an all-share deal as the Al Rajhi’s Saudi Arabian owner wants to stay on as a shareholder.

MIDF and Al Rajhi are said to be at an early stage of talks and the parties are yet to discuss pricing and valuation, the deal is expected to be closed by the end of second quarter 2019.

Additionally, MIDF is being advised by JPMorgan, while Al Rajhi Malaysia is being advised by Hong Leong Investment Bank in Singapore in the merger talks.

If Al Rajhi decides to proceed with the merger, it would become at the second GCC-backed Islamic bank to merge its Malaysian operations with a local financial institution. Last year, mortgage financing provider Malaysia Building Society acquired Asian Finance Bank from investors including Qatar Islamic Bank, reported The Edge.



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