Hong Leong completes M'sia's first Islamic bank vesting

KUALA LUMPUR: Hong Leong Islamic Bank (HLISB) has completed Malaysia’s first vesting of an Islamic Bank with EONCAP Islamic Bank Bhd (EIBB), following the recent integration between its parent-bank, Hong Leong Bank Bhd and EON Bank Bhd.

“Our teams have worked tirelessly to ensure a speedy integration to allow us to realise synergy value from this unprecedented, trailblazing corporate exercise,” said HLISB chief executive officer, Raja Teh Maimunah Raja Abdul Aziz.

In a statement here today, HLISB said all former EIBB branches will be re-designated as Hong Leong Islamic Bank branches.

This effectively allows customers from both banks to conduct banking transactions at all branches.

It said payment and transaction instruments issued by the former EIBB, which include cards, cheques and bank drafts, will remain valid until further notification.

HLISB said the bank will also feature an enhanced suite of Shariah-compliant products and services, as a result of putting together the best features and benefits offered by both banks.

“With today’s historic integration milestone achieved, we have much to look forward to as a strong and united Hong Leong Islamic Bank,” Raja Teh added. – BERNAMA

http://biz.thestar.com.my/news/story.asp?file=/2011/10/31/business/20111031122844&sec=business

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