Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 6): Malayan Banking Bhd (Maybank) has incorporated India-based subsidiary MBB Labs Private Ltd to provide IT development services for the Maybank group.

In a statement to Bursa Malaysia yesterday, Maybank said it had on Wednesday (Oct 4) via wholly-owned subsidiaries Dourado Tora Holdings Sdn Bhd and Maybank Shared Services Sdn Bhd incorporated MBB Labs.

"The objective of incorporating MBB Labs is to provide IT development services for Maybank group. Maybank has on July 3, 2017 obtained Bank Negara Malaysia's approval for the incorporation pursuant to Section 85 of the Financial Services Act 2013.

"The incorporation is not expected to have any material impact on the earnings, net assets and gearing of Maybank Group for the financial year ending Dec 31, 2017," Maybank said.

At Bursa Malaysia today, Maybank shares were traded at RM9.56 at 9:43am for a market value of RM100.95 billion. The stock saw 56,800 shares traded.

 

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