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Kota Kinabalu: Sabah Development Bank Berhad (SDB) said it is on track to achieving its recovery target of RM1 billion this year with similar targets set for the next two years.

To further strengthen SDB’s capital base and meet Bank Negara Malaysia’s Capital Adequacy Ratio guidelines, the Sabah Ministry of Finance has converted RM660 million of its fixed deposits with SDB into Redeemable Preference Shares, said the bank in a statement.

“SDB is committed to its new mandate of focusing on development projects in Sabah’s critical sectors, including water, power, and infrastructure, under stringent credit and risk management guidelines.

“The State government has designated SDB as the lead lender for local content financing in major investments across Sabah, collaborating with reputable commercial banks and Development Financial Institutions."