Tuesday, June 10, 2008

http://www.mbsb.com.my malaysia building society berhad


History of malaysia building society berhad

The origin of Malaysia Building Society Berhad (MBSB) can be traced to the Federal and Colonial Building Society Limited incorporated in 1950. Later than in 1956, it changed to Malaya Borneo Building Society Limited (MBBS), with the Malaysian Government as its major shareholder. MBBS was listed on the Stock Exchange of Malaysia and Singapore in August 1963.

MBSB was incorporated in Malaysia under the Companies Act, 1965 on 17 March 1970, before it was listed on the Kuala Lumpur Stock Exchange on 14 March 1972. The Employees Provident Fund Board (EPF) and Permodalan Nasional Berhad (PNB) are the major shareholders with 63.02% and 11.10 % of shares respectively.

As the first property financier, MBSB offers a spectrum of innovative products and services through its network all over Malaysia including in Sabah & Sarawak.

MBSB is 'an Exempt Finance Company'

MBSB is a company incorporate under the companies ACT 1965 and is scheduled institution as defined under the Banking and Financial Institution Act 1989 (BAFIA). The status of an Exempt Finance Company was granted to MBSB on 1 March 1972 by the Ministry of Finance and the status has never been revoked or rescinded. The status allows MBSB to carry on a finance business without a license.

Historical information:

* MBSB has been granted with an exemption under Section 7(4) of the Borrowing Companies Act 1969 (BCA) and the said exemption has never been revoked or rescinded.

* The BCA was later known as Finance Companies Act 1969 (FCA) upon the coming into force of the Banking and Borrowing Companies Act 1979 (BBCA).

* As a result of the charge from BCA to FCA, all reference to borrowing business and borrowing company were to be construed respectively as finance business and finance company.

* The FCAS was later repealed by Banking and Financial Institutions Act 1989 (BAFIA) which effective 'made the regulation of finance companies under the FCA came under the purview of BAFIA.

Section 128(2) of BAFIA states that all exemptions and approval made or given under the repealed acts (FCA) shall be deemed to have been made and given under the relevant corresponding provisions of BAFIA and shall remain in force until revoked, rescinded or replaced by the corresponding provisions of BAFIA.

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