BY Lyna Mohamad
The Brunei Investment Agency (BIA) has reached an agreement with Fajr Capital Ltd to acquire its 29.73 per cent stake in Bank Islam Brunei Darussalam Berhad (BIBD).
Since becoming a shareholder of BIBD in 2010, Fajr Capital Ltd has been an active partner in the stellar transformation of BIBD into an award-winning bank with regional presence and global repute.
“This transaction marks a significant new chapter in BIBD’s ongoing transformation. I would like to thank Fajr Capital Ltd for its support in BIBD’s development into Brunei’s flagship financial services institution,” said Minister at the Prime Minister’s Office and Minister of Finance and Economy II and Chairman of BIBD Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah.
“BIBD remains committed in providing its customers with innovative banking solutions and is well positioned for continued success in Brunei and beyond.”
BIBD is Brunei’s largest bank and has received numerous accolades from regional and international institutions including the ‘Best Managed Bank in Brunei’, ‘Best Retail Bank in Brunei’ (awarded to BIBD for seven consecutive years), and ‘Strongest Bank in Brunei by Balance Sheet’ by the Asian Banker.
BIBD was also recognised as Global Finance’s ‘Safest Bank in Brunei’ from 2016 to 2019 and holds credit rating of A- by Standard & Poor’s since 2014.
-- Courtesy of Borneo Bulletin