Al Rajhi Bank Discontinues Merger Plan with Malaysian Industrial Development Finance

Saudi-based Islamic Bank, Al Rajhi Bank has announced that it has ended negotiations and discontinued the merger plan between its wholly-owned subsidiary, Al Rajhi Banking and Investment Corporation (Malaysia) Berhad (Al Rajhi Malaysia) and Malaysian Industrial Development Finance (MIDF).

According to media reports based on a statement issued to Tadawul on the 8th of November 2020, Al Rajhi Bank stated that the termination of negotiations was a result of unmet agreements between the two parties.

Talks for the possible merger were initially announced by Al Rajhi Bank in January 2019, after receiving preliminary approval from the Saudi Arabian Monetary Authority and Bank Negara Malays...