KUALA LUMPUR: Malayan Banking Bhd’s (Maybank) wholly owned subsidiary, Maybank Asset Management Group Bhd, is acquiring Permodalan Nasional Bhd’s (PNB) mutual fund business in Malaysia and Singapore for RM51 million. The deal entails Maybank Asset buying Amanah Mutual Bhd (AMB) for RM16.12 million and Singapore Unit Trust Ltd (SUTL) for RM34.88 million from PNB. The acquisitions will facilitate Maybank Asset’s presence in the retail market of the asset management business in Malaysia and Singapore. Maybank said through the unit trust funds currently managed under AMB and SUTL, the acquisitions will also increase the number of products which Maybank Asset can offer. Maybank said the purchase for the acquisitions will be funded through inter-company loan to be extended by Maybank to Maybank Asset.

Source: New Strait Times December 13, 2017 11:37 UTC