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BULLETIN: Maybank's Ratings Unaffected By Announced MNI Acquisition Aug 05
Standard & Poors, Aug 2005
Abstract
SINGAPORE (Standard & Poor's) Aug. 30, 2005--Standard & Poor's Ratings Services said today the ratings and outlook on Malayan Banking Berhad (Maybank; A-/Stable/A-2) are unaffected by subsidiary Mayban Fortis Holdings Berhad's Malaysian ringgit (RM) 844 million (US$224 million) planned acquisition of MNI Holdings Berhad, the holding company for the composite insurer, Malaysia National Insurance Berhad (MNI; BBBpi). The acquisition, which will bring Maybank's stake in MNI Holdings Berhad to about 74%, will allow Maybank to strengthen its insurance and Islamic insurance (takaful) businesses, and in turn boost its non-interest income. MNI, which is the main operating subsidiary of MNI Holdings Bhd., represents 4%-5% of Maybank group assets. The acquisition is expected to be financed by internal funds from Mayban Fortis...
Companies mentioned in this report are: Malayan Banking Bhd.,Malaysia National Insurance Sdn. Bhd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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