Malaysia bank giants eye merger as No.1
Source: AFP |
October 11, 2014, Saturday
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Print Edition
Print Edition
TWO of Malaysia’s largest financial institutions, CIMB Group and RHB Capital, said yesterday they plan to merge along with a property lending firm to create a “financial powerhouse” that will become the country’s biggest bank. The three institutions are seeking central bank approval for the merger and aim to sign a definitive agreement early next year.
CIMB and RHB Capital, the second- and fourth-largest banks, respectively, and the Malaysia Building Society announced in July they were in early talks on creating an entity with total assets estimated at around 614 billion ringgit (US$189 billion).
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