Brunei's largest lender (Bank Islam Brunei Darussalam), target listed on Bursa Malaysia; list to raise US$500 million.

Malaysia: Brunei's biggest loan specialist, Bank Islam Brunei Darussalam, expects to raise as much as US$500 million in an IPO – the first by a firm from the Southeast Asian country, in spite of the fact that the bank will be recorded on the Malaysian bourse, IFR detailed.

JPMorgan and Malayan Banking Bhd (Maybank) are set to be joint worldwide facilitators for a first sale of stock of US$200 million–US$500 million this year, said IFR, a Thomson Reuters production. A bookrunner is likewise prone to be included, it said.

A managing an account source disclosed to Reuters the IPO is relied upon to raise around US$300 million however the last sum will rely on upon the extent of the greenshoe choice.

Bank Islam did not instantly answer to a Reuters ask for input. Agents for JPMorgan and Maybank were not instantly accessible for input.

The bank was framed through the merger of Islamic Bank of Brunei and Islamic Development Bank of Brunei in 2005. It tallies the government Ministry of Finance, the Sultan Haji Hassanal Bolkiah Foundation and Fajr Capital as its shareholders.

Brunei, one of the world's wealthiest nations on a for each capita premise, does not have a stock trade in spite of the fact that its national bank a year ago declared draft standards to frame one, IFR said.

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