Kt ALA LUMPUR. D.. 31 Malaysia's central bani- - od toda-. dial six out ol ten inn banking groups met the year end deadline for industry-wide mergers while another three were in the final stages of completing the exercise. savs Reuters.

The process of vesting orders tn complete the legal mergers has been completed for six banking groups while three banking groups are in the final stages of completing their respective legal mergers.’ Haul Negara Malaysia said in i statement.

The Arab-Malaysian Banking Group AMMB.KL. a core hank-

inj group, whose negoti.itions with Utama Banking Group I B».B KL fell (lirough. has bivn allowed to begin talks with Danamodal Nasional Bhd on merger with MBI Finance Bhd.

Malaysia had ordered Its 54 banking institutions to merge into ten «orc hanking groups by Di r ••mb' 13 1

Bank Negara said it had al-b >wed Arab-Malaysian Banking Group and Utama Banking (iioup to iinitually tenninate tlx ir sale and purchase agrre-

h also approved the ngrec tin nt between Multi-Purpose Bank Bhd MLPM KI. and MBf Finance Bhd to hr cancelled.

Bank \< uara allowed Utama Banking <»i<>up to start merger talk> with la>n Bank Bhd EONK.KL. which is already an anchor bank.

’Similarly, the application by the Arab-Malaysian Banking Group to commence negotiation with Danamodal Nasional Bhd on the merger with MBf Finance Bhd has also been approved ’ it said.

The central bank said tlx agreement between Malayan Banking Bhd MBBM.KL. (he nations biggest bank and PhileoAllied Bhd PLEO.KL lor the acquisition of PhileoAllied Bank (Malaysia) Bhd has been extended by 21 days.