Byline: Adeline Paul Raj
KHAZANAH Nasional Bhd plans to sell its 30 per cent stake in Bank Muamalat Malaysia Bhd, a move which could pave the way for a merger between the Islamic lender and its bigger rival Bank Islam Malaysia Bhd, sources said.
Bank Muamalat is 70 per cent-owned by conglomerate DRB-HICOM Bhd. Bank Islam is the country's oldest Islamic lender.
Khazanah, the government's investment arm, is on a mission to gradually divest all its non-core holdings and assets.
Managing director Tan Sri Azman Mokhtar, when met by Business Times last week, said Khazanah sees its stake in Bank Muamalat as a "non-core holding" and that it "could be" …