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09 December 2023

Maybank not in talks with Dubai on stake sale

By Reuters

Malaysia's top lender, Maybank, said it was not in talks to buy a Dubai investor's stake in Bank Islam, a deal that would have created the largest Shariah bank in the Asia-Pacific region.

Earlier yesterday, several Islamic bankers in Malaysia said Maybank's Islamic subsidiary wanted to acquire a stake in Bank Islam, the country's second-largest Shariah lender.

Dubai Islamic Investment Group, which is part of Dubai Group, was interested in selling its 40 per cent stake in unlisted Bank Islam to Maybank Islamic, the sources said.

However, asked on the possible acquisition, a Maybank spokesman said the group was "currently not in talks with Dubai Group, as speculated".

On whether it was selling its stake, Dubai Group said it "is a long-term strategic investor" in Bank Islam.