KUALA LUMPUR, 21 March 2023 : Bank Pembangunan Malaysia Berhad (“BPMB”) Group has announced the completion of its merger with Danajamin Nasional Berhad (“Danajamin”), following the transfer of Danajamin’s business and undertakings to BPMB effective 1 March 2023.

The merger exercise began in September 2021 with agreements signed between BPMB and Danajamin’s then-shareholders, Credit Guarantee Corporation Malaysia Berhad (“CGC”) and Minister of Finance (Incorporated) (“MOF Inc.”) for the 100% acquisition of the financial guarantee insurer.

Since then, the merged entities have been successfully integrated. The integration included establishing a unified leadership team, redefining BPMB Group’s purpose, aspirations and core values, and harmonising processes and systems, as well as employee benefits.

Following the completion of the Business Transfer Scheme (“BTS”) exercise earlier this month, the merger formally concluded with the surrendering of Danajamin’s license to Bank Negara Malaysia (“BNM”) on 6 March 2023.

This merger was part of the Government’s medium-term plan to strengthen and align the mandates of DFIs to improve the national development finance ecosystem.

BPMB Group Chairman, Tan Sri Nazir Razak said, “The integration of BPMB and Danajamin is the first step towards a stronger and more streamlined development financial institution (“DFI”) sector in Malaysia, better placed to support businesses and targeted economic sectors. BPMB stands ready to move forward with further mergers, at the Government’s direction.”

BPMB Group Chief Executive Officer, Roni Abdulwahab, said, “It is an exciting time for everyone in BPMB, as the completion of this merger coincides with our 50th anniversary. We have been providing impact capital for national development since 1973. Now as a united entity, we will leverage on our combined experience, expertise and diversity to serve our purpose and customers better.

“We would like to thank the Ministry of Finance, Bank Negara Malaysia, and all of our stakeholders who supported us in this union.”

About Bank Pembangunan Malaysia

Celebrating its Golden Jubilee in 2023, Bank Pembangunan Malaysia Berhad (BPMB) was incorporated on 28 November 1973 as a development financial institution to assist small- and medium-sized enterprises through financing facilities, training and advisory services. Today, BPMB Group is focused on financing in sectors deemed strategic to national economic development. Owned by Minister of Finance (Incorporated), BPMB Group has been accorded the highest rating of ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002. With a Group Total Assets value of RM26.1 billion (as at 31 December 2021), the BPMB Group is well positioned to meet the financing and business development needs of Malaysian businesses.

For more information, please contact: 

1. Irwan Abdul Rahman 012-4808824 irwan.rahman@bpmb.com.my
2. Corporate Communications Department gcc@bpmb.com.my