Thursday, June 26, 2008

Maybank attempts for 30% stake in Pakistan Takaful company

Maybank continues its aggressive acquisition trend.

This is quoted from Reuters .
KUALA LUMPUR, June 25 (Reuters) - Malaysia's Malayan Banking Bhd (MBBM.KL: Quote, Profile, Research), the country's largest in asset terms, plans to buy a 30 percent stake in Pak-Kuwait Takaful Company Ltd, the Malaysian lender said on Wednesday.

Pak-Kuwait Family Takaful is in the process of applying for license from the authorities in Pakistan to operate the family takaful (Islamic insurance) business, it said.

It is a joint venture between Pak-Kuwait Investment Company Private Ltd, Allied Bank Ltd and Saudi Pak Industrial and Agricultural Investment Company Limited, Maybank said in a statement.

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