Bank Negara takes over MBF

Bank Negara takes over MBF

KUALA LUMPUR (DPA): Malaysia's central bank, Bank Negara, said Monday it has assumed control of the country's leading finance company, MBF Finance Berhad, but stressed that the firm remained "solvent."

In a statement, Bank Negara allayed fears of depositors by saying the government was guaranteeing all deposits and would meet all deposit obligations of MBF Finance.

The central bank said Malaysia's banking system remained resilient although the financial sector had been affected by the regional financial turmoil.

Bank Negara reassured Kewangan Bersatu's depositors that the government guaranteed all its deposits. cents, dealers said