KUALA LUMPUR: Bank Pembangunan Malaysia Bhd (BPMB) has completed the conditions in the acquisition of Danajamin Nasional Bhd which will make it a wholly-owned subsidiary.

       BPMP said on Friday it had fulfilled the conditions in the sale and purchase agreements (SPAs) with Credit Guarantee Corporation Malaysia Bhd (CGC) and Minister of Finance (Incorporated) (MOF Inc.) for the 100% acquisition of Danajamin.

       The purchase consideration is based on Danajamin’s audited net asset value (NAV) as at June 30, 2021.

       BPMB said with Danajamin as a wholly-owned subsidiary, this is in line with the government’s aim of improving the development finance sector to better support businesses and national development as a whole.

       BPMB chairman Datuk Seri Nazir Razak said, “As one of Malaysia’s oldest DFIs, we are cognisant of the need for BPMB to play an enhanced role to bolster Malaysia’s economic development to meet its medium to long-term growth aspirations.”

       He added that BPMB will remain primarily a wholesale or medium-to-large corporate DFI and it will be business as usual for both BPMB and Danajamin.

       “We look forward to integrating the operations of both institutions in due course and to extend our coverage into other customer segments in the future,” he added.