Malaysia Building Society Berhad (MBSB) has officially rebranded itself as MBSB Berhad, effective June 12th, following the approval of a resolution during its annual general meeting on June 6th, 2024. With a history spanning 70 years, MBSB has been a significant contributor to the financial services industry and economic development in Malaysia.
The evolution from a building society to a financial holding company under the Islamic Financial Services Act 2013 (IFSA) began in 2018 with the acquisition of Asian Finance Bank, subsequently renamed MBSB Bank Berhad (MBSB Bank). This strategic move marked the company’s entry into the banking sector, expanding its market reach and operations.
Continuing its growth journey, MBSB further enhanced its market presence by acquiring Malaysia Development Finance Berhad (MIDF) in October 2023. This acquisition allowed MBSB to operate as an enlarged financial holding company under the Financial Services Act 2013 (FSA), offering consumer, commercial, wholesale, and development financing.
Recognizing the significant changes in its business landscape, the name ‚Malaysia Building Society Berhad‘ no longer accurately reflected the company’s current business scope, scale, and aspirations. The rebranding to MBSB Berhad aligns with the expanded scope and is in line with the contemporary market environment, leveraging the established goodwill and strong brand DNA built over the years.
„This strategic change encompasses our commitment to innovation, growth, and market presence while honoring our legacy,“ stated MBSB. The rebranding reflects the company’s dedication to providing exceptional financial products and services to its customers.
Meanwhile, Group Chief Executive Officer, Rafe Haneef, expressed excitement about introducing the new name, MBSB Berhad, signifying a significant milestone for the company. „This new name reflects our commitment to innovation, growth, and dedication to providing outstanding financial products and services to our customers,“ he said.
The rebranding of MBSB to MBSB Berhad marks a new chapter in the company’s journey, emphasizing its strategic direction towards innovation, growth, and customer-centric financial solutions. With a strong foundation and a renewed focus, MBSB Berhad is poised to continue its legacy of contributing to Malaysia’s financial services industry and economic development.