In a press release by AMMB Holdings Berhad (AmBank Group), AmBank Group announced its acquisition over MBF Cards (M’sia) Sdn. Bhd. (MBF Cards) for RM623.4 million has been approved by Bank Negara Malaysia (BNM). This acquisition has made AmBank Group becomes the new owner of MBF Cards’ card issuing and merchant acquiring businesses under Visa, MasterCard, Japan Credit Bureau and China Union Pay licences, bill payments as well as 33.33% stakes in Bonuskad Loyalty Sdn Bhd (“BonusLink”).
The combined merchant pool will increase AmBank Group’s merchant base to more than 45,000 merchants nationwide and AmBank Group to become one of the top three merchant acquirers in the country. According to Tan Sri Azman Hashim, Chairman of AmBank Group, the enhanced merchant network fits well with their retail banking strategic priorities and aspirations, including stronger customer centricity, accelerating growth in deposits and non-interest incomes, building their wealth management and growing quality assets in targeted segments.
The integration of the businesses will also strengthen AmBank Group’s cardmembers by allowing them to access seven-million strong customer base of BonusLink, Group Managing Director of AmBank Group, Ashok Ramamurthy said.
by Terry Brown