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DFG in talks to sell stake in Malaysian lender
- United Arab Emirates: Thursday, October 11 - 2012 at 01:55
Dubai Financial Group (DFG) has entered into talks with Malaysian Islamic financial services group BIMB Holdings over the sale of DFG's stake in Bank Islam Malaysia, after the central bank gave its approval. The consent for the start of negotiations of BIMB's proposed acquisition of DFG's 30.5% stake in Bank Islam "should not be construed as an approval for the proposal", BIMB, which already owns 51% of the bank, said. DFG had already sold its stake in a Turkish insurance firm, and analysts said more such sales were likely. "Any intention for Dubai Group to dispose of its stake in BIMB is not new, considering its financial position," CIMB Research said.
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