RHBBANK

5.730

(%)

MEMORANDUM OF UNDERSTANDING RHB BANK BERHAD ("RHB BANK" OR "COMPANY") HEADS OF AGREEMENT BETWEEN RHB BANK AND BOOST HOLDINGS SDN BHD ("BOOST HOLDINGS"), A 75.36% SUBSIDIARY OF AXIATA GROUP BERHAD IN RELATION TO THE PROPOSED JOINT SUBMISSION TO BANK NEGARA MALAYSIA ("BNM") FOR A DIGITAL BANK LICENSE

RHB BANK BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
RHB BANK BERHAD ("RHB BANK" OR "COMPANY")
HEADS OF AGREEMENT BETWEEN RHB BANK AND BOOST HOLDINGS SDN BHD ("BOOST HOLDINGS"), A 75.36% SUBSIDIARY OF AXIATA GROUP BERHAD IN RELATION TO THE PROPOSED JOINT SUBMISSION TO BANK NEGARA MALAYSIA ("BNM") FOR A DIGITAL BANK LICENSE

We refer to the announcement dated 2 June 2021 on the execution of a heads of agreement (“HOA”) between RHB Bank and Boost Holdings and to the announcement dated 30 August 2021 that the joint application for the digital bank license by Boost Holdings and RHB Bank was submitted to BNM on 30 June 2021.

 

As announced by BNM on 29 April 2022, the Board of Directors of the Company is pleased to inform that RHB Bank has received conditional approval from BNM on 29 April 2022 for the joint application for a digital bank license by Boost Holdings and RHB Bank.

 

The approval from BNM for the joint application for the digital bank license by Boost Holdings and RHB Bank is subject to the condition that the proposed digital bank shall commence its banking operations within 24 months from 8 April 2022.

 

Subject to satisfying the operational readiness requirements by BNM and barring any unforeseen circumstances, the proposed digital bank is targeted to be operational in the second half of 2023, and shall focus on the underserved, unserved and/or unbanked segment primarily within Malaysia with the aim of building a more inclusive financial sector in Malaysia.

 

As the proposed digital bank is only targeted to be operational in the second half of 2023, the proposed digital bank business will not have any effect on the consolidated earnings or net assets of RHB Bank for the financial year ending 31 December 2022.

 

Further announcement will be made with regards to the development of the proposed digital bank in due course.

 

This announcement is dated 29 April 2022.






Announcement Info

Company Name RHB BANK BERHAD
Stock Name RHBBANK
Date Announced 29 Apr 2022
Category General Announcement for PLC
Reference Number GA1-29042022-00097