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Maybank gets regulatory nod to acquire Singapore Unit Trusts

Malayan Banking Bhd., or Maybank, secured approval from the Monetary Authority of Singapore for its planned acquisition of Singapore Unit Trusts Ltd. from Permodalan Nasional unit PNB International Ltd.

The central bank also approved Permodalan Nasional's proposed subscription to shares in Maybank unit Maybank Asset Management Group Bhd., according to a March 7 release.

The approval from MAS is subject to the condition that the central bank is informed promptly when the proposed acquisition and subscription come into effect.

In December 2017, Maybank said its unit Maybank Asset Management Group agreed to acquire a 100% stake in Amanah Mutual Bhd. from Amanah Saham Nasional Bhd., a wholly owned unit of Permodalan Nasional. It also agreed to acquire the entire stake in Singapore Unit Trusts Ltd.

In addition, Permodalan Nasional agreed to subscribe to 8,336,404 new ordinary shares of Maybank Asset Management, equivalent to 20% of the company's enlarged issued share capital.