MBSB Bank Berhad a full-fledged Islamic Bank, which formerly known as Asian Finance Bank Berhad – AFB, has been granted a license and supervised by Bank Negara Malaysia to undertake Islamic Banking business. MBSB Bank Berhad was incorporated on 28 November 2005 is a wholly owned subsidiary of Malaysia Building Society Berhad – MBSB. On 6 November 2017, MBSB entered into a Share & Purchase Agreement with the shareholders of Asian Finance Bank Berhad (“AFB/Vendors”) for the proposed acquisition by MBSB of the entire equity interest in AFB.
The Acquisition was approved by the shareholders’ of MBSB on 23rd January 2018. The shareholders also approved the transfer of Shariah Compliant Assets and Liabilities of MBSB to AFB via a Members’ Scheme of Arrangement. Pursuant to the abovesaid approval and upon completion of the transfer of shares and the payment of the balance of the purchase consideration to the Vendors, AFB became a wholly owned subsidiary of Malaysia Building Society Berhad on 7 February 2018.