Bank Pembangunan completes acquisition of Danajamin Nasional

 Publish date: Fri, 12 Nov 2021, 1:35 PM

KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) today announced the completion of all the conditions precedent in the sale and purchase agreements with Credit Guarantee Corporation Malaysia Bhd and Minister of Finance (Incorporated) (MOF Inc) for the 100 per cent acquisition of Danajamin Nasional Bhd.
The purchase consideration is based on Danajamin's audited net asset value (NAV) as at June 30, 2021, BPMB said in a statement.
The acquisition transforms Danajamin into a wholly-owned subsidiary of BPMB, in line with the government's aim of improving the development finance sector to better support businesses and national development as a whole.
Commenting on this significant milestone, BPMB chairman Datuk Seri Nazir Razak said: "As one of Malaysia's oldest development financial institutions (DFIs), we are cognisant of the need for BPMB to play an enhanced role to bolster Malaysia's economic development to meet its medium to long-term growth aspirations.
"Today marks a historic period in the DFI space as we celebrate the conclusion of the merger withDanajamin," he said.
In the immediate future, Nazir said the group will remain primarily a wholesale or medium to large corporate DFI and it will be business as usual for both organisations - BPMB and Danajamin.
The merger is expected to generate revenue and cost synergies over time as the two institutions increasingly share resources and integrate operations.
"We look forward to integrating the operations of both institutions in due course and to extend our coverage into other customer segments in the future.
"As the phase one of a bigger plan to consolidate DFIs, we are determined that this merger will prove to be a benchmark for successful DFI mergers," added Nazir.
 - Bernama
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