Riyadh – Mubasher: Al Rajhi Bank said it ended and discontinued the merger discussions between its fully-owned subsidiary, Al Rajhi Banking and Investment Corporation (Malaysia) Berhad, and Malaysian Industrial Development Finance Bhd (MIDF).
The decision comes as no agreement has been reached between the parties, the Saudi lender said in a bourse filing on Sunday.
Since January 2019, the bank has been in negotiations with MIDF about the said tie-up.
Over the third quarter (Q3) of 2020, Al Rajhi Bank achieved SAR 2.658 billion worth of profits, down by around 3% when compared to SAR 2.7 billion in the year-ago quarter.
