Hong Leong Islamic to get EONCAP Islamic business

A Vesting Order has been granted by the High Court to  transfer the entire business including all assets and liabilities of EONCAP Islamic Bank Bhd to Hong Leong Islamic Bank from Nov 1, 2011.

Following the vesting, EONCAP Islamic Bank Bhd will become a dormant company, according to Bernama News.

"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," said Hong Leong Bank group managing director Yvonne Chia in a statement here Monday.

"As it is only effective from Nov 1, 2011, it will continue to be business-as-usual for customers and business associates of both banks until further notice. Uninterrupted service and seamless continuity of our banking operations at both banks will continue," she said.

Hong Leong Bank Bhd recently acquired EON Bank Group, the merger creating a core domestic franchise with an expanded distribution network of 329 branches for customers across the country.

Hong Leong Islamic Bank is a subsidiary of Hong Leong Financial Group Bhd, the financial services arm of the Hong Leong Group.

Apart from Islamic banking, Hong Leong Financial Group is involved in the provision of insurance and takaful, as well as investment banking, unit trust, fund management and stock broking services.