EON Capital Bhd, the holding company of EON Bank Group, has received Bank Negara Malaysia (BNM) approval to start merger talks with Hong Leong Bank Bhd (HLBB).
"BNM has, vide its letter dated Jan 19, 2010, no objection for EON Capital to commence negotiations with HLBB for the potential divestment of the assets and liabilities of EON Capital and EON Bank including EON Capital's equity interest in EON Bank for the purpose of merging the licensed entities under EON Capital Group with Hong Leong Bank Group."
"The approval to commence negotiations with HLBB is valid until June 30, 2010," EON Capital said in a filing to Bursa Malaysia on Wednesday.
Yesterday, the company told Bursa Malaysia that it had, for itself and on behalf of its subsidiaries, submitted an application to BNM for approval for EON Capital and/or any of its subsidiaries to commence negotiations with potential third parties and their related corporations in Malaysia licensed under the Banking and Financial Institutions Act 1989 (BAFIA) and/or the Islamic Banking Act 1983.
According to the earlier statement, the approval sought relates to two options.
First, EON Capital directly and/or through any one of its subsidiaries undertaking a sale of EON Capital's assets and liabilities, including the equity interests in, and/or the assets and liabilities of, EON Bank, EONCap Islamic Bank Bhd and/or MIMB Investment Bank Bhd.
Second, EON Capital directly and/or through any of its subsidiaries acquiring at least five per cent of the interest in shares in, or merging with, or undertaking an acquisition, of the assets and liabilities of an existing entity in Malaysia licensed under BAFIA and/or the Islamic Banking Act.
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