CIMB, RHB Capital and Malaysia Building Society have hammered out terms for a three-way merger, moving a step closer towards the creation a Malaysian banking giant.
The banks had entered into a 90-day exclusivity period in July and, having agreed terms, are now seeking Bank Negara approval. The merger, valued by Bloomberg at $22.3 billion, will transform the three into Malaysia’s largest bank and will also result in the creation of an Islamic mega bank.
Malaysia’s central bank has long been pushing for domestic consolidation and the three-way merger fashions a giant that can better compete against the likes of Singaporean lender DBS, Southeast Asia’s...
¬ Haymarket Media Limited. All rights reserved.
