KUALA LUMPUR, Aug. 4 (Xinhua) -- Malaysia's Islamic bank, Bank Islam Malaysia Bhd, is seeking a potential merger partner to expand its business, a local daily reported on Tuesday.
New Straits Times quoted the bank's managing director Zukri Samat as saying that the oldest Islamic bank in Malaysia was venturing into regional expansion as the competition at home intensified.
Zukri said the bank would consider both local and regional merger targets, with penetration into South East Asia be its priority.
He admitted that in order to sustain grow, the bank had to look at mergers and acquisition.
Commenting on its recent move to raise 540 million ringgit (154.29 million U.S. dollars), Zukri said that was mainly for internal expansion.
Bank Islam's head of corporate investment banking Mashitah Osman was quoted as saying it was time for the bank to expand regionally.
She also said the bank was interested in project financing and was now looking at two or three syndications.