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QIB completed the sale of its AFB Share to MBSB

QIB completed the sale of its AFB Share to MBSB

08/02/2018, Doha,Qatar

Qatar Islamic Bank (QIB) has executed the sale agreement with Malaysia Building Society Bhd (MBSB) to sell its full stake of 60% in the Asian Finance Bank (AFB), an affiliate in Malaysia.

The sale agreement was signed on 04/11/2017 and executed today 07/02/2018 with QIB receiving cash proceeds of MYR 357.2 million from the sale of its stake. The sale shall have no material impact on bank’s financial performance at the time of exit or in future. It is worth mentioning that QIB’s decision to exit was formulated more than 2 years ago until an acceptable offer to QIB’s Board was submitted. QIB decision to exit from investment in this affiliate was driven by being no longer in line with QIB’s business strategy together with low returns on Investment. 

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