KUALA LUMPUR: Malayan Banking Bhd intends to venture into the family takaful business in Pakistan.
The bank said Wednesday it had received Bank Negara Malaysia’s approval to set up or acquire a subsidiary as a special purpose vehicle to acquire 30% of the Pak-Kuwait Family Takaful Co Ltd.
”Through the acquisition, Maybank intends to venture into the family takaful business in Pakistan,” it said.
Pak-Kuwait Family Takaful Co Ltd was in the process of applying for a licence from the authorities in Pakistan to operate the family takaful business, Maybank added.
Pak-Kuwait Family Takaful is a joint venture between Pak-Kuwait Investment Co Pte Ltd, Allied Bank Ltd and Saudi Pak Industrial and Agricultural Investment Co Ltd.
The issued and paid-up capital of the company, which was newly incorporated, was 500mil Pakistan rupees.
Maybank said all the parties were negotiating and finalising the terms of the joint venture.
MAYBANK : [Stock Watch] [News]
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