KUALA LUMPUR, Dec 3 – AMMB Holdings Bhd is the new owner of MBF Cards (M’sia) Sdn Bhd.
The change in ownership follows approval by Bank Negara Malaysia of AMMB’s proposal to acquire MBF Cards for RM623.4 million, subject to adjustments from the review of its net asset value.
The transaction involved the acquisition of MBF Cards’ card issuing and merchant acquiring businesses under Visa, MasterCard, Japan Credit Bureau and China Union Pay licences and bill payments, in addition to MBF Cards’ ownership of 33.33 per cent in Bonuskad Loyalty Sdn Bhd.
With the integration of the businesses, AMMB will emerge as a strong player in the cards landscape with an enlarged card member base and merchant network.
The integration will also generate significant synergies for the Group.
Tan Sri Azman Hashim, chairman of AmBank Group, said the acquisition enhances the profile of the merchant acquiring and card issuance businesses with a greatly enlarged merchant network and an increase in receivables.
“It also fits well with our retail banking strategic priorities and aspirations, including stronger customer centricity, accelerating growth in deposits and non-interest incomes, building wealth management and growing quality assets in targeted segments,” he said in a statement.
AMMB Holdings Bhd provides a wide range of financial products and services through its major subsidiaries, including AmBank (M) Bhd, AmInvestment Bank Bhd, AmInvestment Group Bhd, AmLife Insurance Bhd, AmFamily Takaful Bhd, AmG Insurance Bhd and AmIslamic Bank Bhd. – Bernama