Managing director Datuk Seri Zukri Samat said the total cost investment for the 20% stake in Amana Bank is RM22.6mil.
“The 20% stake is acquired via a share swap of Bank Islam's existing shareholdings in Amana Investment Ltd for Amana Bank's shares and the subscription of the bank's new shares for a total consideration of about RM21.26mil,” he told reporters yesterday at the completion of share subscription and technical advisory services agreement (TASA) signing between the group and Amana Bank.
(Amana Bank is due to be operational in the second half of this year after acquiring the assets and liabilities of Amana Investment Ltd).
Zukri said the business venture was Bank Islam's maiden overseas banking venture in line with its regional expansion plan.
“Sri Lanka was chosen not only to capitalise on our existing presence and familiarity with the business environment, but more importantly, due to its favourable economic prospects and tremendous untapped potential of its nascent Islamic financial services industry,” he said, adding that besides the group, other Amana Bank's partners are Islamic Development Bank (10%), AB Bank Ltd of Bangladesh (15%) and the remaining stakes were held Sri Lankan investors.
(Bank Islam started partnering Amana Investment Ltd in 1999 through capital investments and technical assistance and helped the latter to set up Sri Lanka's first licensed takaful company called Amana Takaful in 2002).
Under the TASA agreement, Bank Islam will play a significant role in the transfer of Islamic banking and expertise to Amana Bank.
Zukri also said the group was still looking at forging other business ventures in South Asia and South-East Asia, including at synergistic mergers and acquisitions.
Recent news report quoting a source said the group was likely to buy a stake in a Bangladeshi bank this year with a partner from the South Asian nation.
Amana Bank managing director Faizal Salieh said the bank now had 14 branches in Sri Lanka and planned to have 60 to 65 outlets in five years.
He also said Amana Bank planned a public listing in Sri Lanka in two years in line with the country's banking regulations.
source - biz.thestar.com.my
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