DRB-Hicom to dilute Bank Muamalat stake in 6 months

DRB-Hicom Bhd is hoping to partially divest its 30 percent stake in Bank Muamalat in six months.

Group managing director Datuk Seri Mohd Khamil Jamil revealed that are looking at potential investor as well as partner to work together in Bank Muamalat.

"But there must be a business model that fits both parties and create a win-win situation,” he said.

Jamil noted that the company is currently talking to a few parties including Affin Bank Bhd and a foreign entity which he declined to disclose the identity.

He said the partial divestment in Bank Muamalat would enable the bank to partner with another bank and enhance its capabilities in line with Bank Negara Malaysia’s plan to create a mega Islamic bank in the country.

However, he said the bank needs to find a partner that would complement its weak presence in the corporate segment.

“Bank Muamalat is more retail base. We are not strong in corporate so we have to find a partner who is strong in corporate to work together,” he said.

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