BANK PEMBANGUNAN COMPLETES MERGER WITH DANAJAMIN
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.”
- Irwan Abdul Rahman 012-4808824
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