BIMB not opposed to buying debt-ridden Dubai Group’s stake in Bank Islam

After legal proceedings were lobbed at Dubai Group over its US$10bil debt, the question arose what can be expected regarding the 30.5% interest it held in Bank Islam, where 51% of it belongs to BIMB. It is suggested that BIMB may acquire the stake from the Dubai state investment vehicle. In this way it will gain practically full control of Bank Islam. A notable fact is that BIMB as well as Bank Islam share a common shareholder pilgrim fund Lembaga Tabung Haji, which owns 51.76% of the former and 18.5% of the latter.

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