Maybank disposes of stake in Visa Inc

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has disposed of its entire equity in Visa Inc for US$93.9 million (RM407.1 million), the bank said in a filing with Bursa Malaysia.

The share disposal was carried out as part of the bank’s strategy to become more capital efficient by rationalising its non-core assets.

“The proceeds will be utilised for additional working capital purposes.

“Maybank’s existing business relations with Visa Inc will continue to be a priority and will not be affected as a result of the exercise,” it said.

The disposal was expected to have a positive effect on the earnings and earnings per share of Maybank and its group of companies for the financial year ending Dec 31, 2016, it said. – Bernama