MBSB has sold its 100 percent stake in MIDF Amanah Asset Management (MAAM) to Tortoise Works. The financial terms of the deal were not disclosed.
The sale was completed through its wholly owned subsidiary Malaysian Industrial Development Finance Berhad (MIDF) on 23 July 2026.
The group said the divestment supports its strategy to focus on its core businesses and is not expected to have a material financial impact.
The Securities Commission Malaysia approved the transaction on 9 July 2026.
“Sharpening our focus on core banking means being deliberate about what sits outside it.
MAAM has built a respected name over 34 years, and as it embarks on its next chapter of growth, we wish the team every success,”
said Rafe Haneef, Group Chief Executive Officer of MBSB.
“We are committed to preserving MAAM’s proud heritage while pursuing sustainable growth, disciplined governance, and strong investment outcomes.
We look forward to working closely with MAAM’s employees, clients, regulators, and business partners to create enduring value for all stakeholders,”
said Shan Kamahl Mohammad, Director of TW.
MAAM has operated in the asset management industry for 34 years.
Featured image: Edited by Fintech News Malaysia, based on image by MBSB
