Al Rajhi begins merger talks with Malaysian financial institution

Al Rajhi Bank has announced that it is entering negotiations to discuss the possibility of merging one of its wholly-owned companies, Al Rajhi Banking and Investment Corp (Malaysia) and Malaysian Industrial Development Finance Bhd (MIDF).
 

The bank said in a statement on Tadawul today that the proposal came after obtaining initial approvals from the Saudi Arabian Monetary Agency (SAMA) and Bank Negara Malaysia (Central Bank of Malaysia).

If agreement is reached, it would be subject to a number of conditions, including regulatory approvals, the statement said.

The merger is not expected to have an impact on the bank's financial statements, and no related parties are involved.