Monday, October 24, 2011

Court nod for HL Islamic Bank to take over EONCap Islamic Bank

KUALA LUMPUR: Hong Leong Islamic Bank Bhd has been give the court approval for it to take over the entire business of EONCap Islamic Bank Bhd with effect from Nov 1,'' 2011.

HL Islamic Bank said on Monday, Oct 24 the High Court had granted the vesting order for the transfer of the entire business including all assets and liabilities of EONCap Islamic Bank.

Following the vesting, EONCap Islamic Bank will become a dormant company.

Hong Leong Bank group managing director Yvonne Chia said: "With the granting of the vesting order by the High Court, we are now one step closer towards celebrating Malaysia's first vesting of an Islamic bank.'

Chia said as it would only take effect from Nov 1, it would continue to be business-as-usual for customers and business associates of both banks until further notice.

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