Fund quashes Bank Rakyat ru­mour

New Straits Times - - Business -

KUALA LUMPUR: Per­modalan Na­sional Bhd (PNB) group chair­man Tan Sri Abdul Wahid Omar has dis­missed ru­mours that the na­tion’s largest fund man­age­ment com­pany planned to ac­quire Bank Rakyat.

“We are not aware of it. Ac­tu­ally we are not even look­ing into it. I am not sure where the ru­mours came from,” he said dur­ing its quar­terly per­for­mance re­view, here, yes­ter­day.

On March 13, an English daily re­ported the pos­si­bil­ity of Bank Rakyat takeover as part of its ex­pan­sion and re­form plan.

PNB has three fi­nan­cial in­sti­tu­tions un­der its wing, namely MIDF Group; which is its in­vest­ment bank­ing and as­set man­age­ment arm, a con­trol­ling stake in Malayan Bank­ing Bhd and MNRB Hold­ings Bhd; which is Malaysia’s only na­tional in­surer.

Bank Rakyat is the big­gest lo­cal Is­lamic co­op­er­a­tive bank with as­sets to­talling RM99.3 bil­lion as at Septem­ber last year and is the sec­ond largest Is­lamic fi­nan­cial in­sti­tu­tion af­ter May­bank Is­lamic Bank. Zarina Zakariah

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