Malaysia's BIMB Holdings Bhd has obtained approval from the country's central bank to start talks with Dubai Financial Group to buy out the latter's 30.5 percent stake in the Southeast Asian country's oldest Islamic lender, Bank Islam.
"The negotiations are to be completed on or before March 31, 2013," BIMB, which owns a 51 percent stake in Bank Islam and is Malaysia's second-biggest Sharia bank, said in a local stock exchange filing on Monday.
The negotiations will also include Malaysian Haji pilgrims fund Lembaga Tabung Haji, which owns 51.76 percent in BIMB and 18.5 percent in Bank Islam.
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