trending Market Intelligence /marketintelligence/en/news-insights/trending/dcfcqmrr1ordcvsjj6jppq2 content esgSubNav
In This List

Maybank acquires 2 Permodalan Nasional units

Blog

Banking Essentials Newsletter May 29th Edition

Blog

Managed Services Insights: The client lifecycle management solution

Blog

Technology & Automation Insights: Elevating KYC and onboarding efficiency

Blog

Banking Essentials Newsletter: May 15th Edition


Maybank acquires 2 Permodalan Nasional units

Malayan Banking Bhd., or Maybank, closed the acquisition of Amanah Mutual Bhd. and Singapore Unit Trusts Ltd. from Permodalan Nasional Bhd.

Maybank, through unit Maybank Asset Management Group Bhd., had agreed in December 2017 to acquire Amanah Mutual and Singapore Unit Trusts for 16.12 million Malaysian ringgit and 34.88 million ringgit, respectively.

As part of the agreement, Permodalan Nasional will subscribe to 8,336,404 new ordinary shares of Maybank Asset Management Group, equivalent to 20% of the company's enlarged issued share capital, according to a May 17 release.

As of May 17, US$1 was equivalent to 3.97 Malaysian ringgit.