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Leading Malaysian banks to form 190bn

By International Adviser, 10 Oct 14

Malaysias CIMB Group and two fellow lenders are allegedly about to join to form the countrys biggest banking group.

Malaysias CIMB Group and two fellow lenders are allegedly about to join to form the countrys biggest banking group.

According to City AM, sources have said proposals submitted to CIMB have called for it to combine with RHB Capital and the Malaysia Building Society (MBSB), with the latter being acquired through a cash and shares deal.

The deal terms will reportedly be worked out during 2015.

The news follows previous merger discussions between the three banks to create a conglomerate with assets totalling around $190bn, which would make it Southeast Asia’s fourth-largest bank.

JPMorgan is advising CIMB, Credit Suisse is advising RHB, while MBSB is being advised by Citigroup, the sources added.

The three banks did not provide comment on the matter.

Tags: Citi | Deutsche | Malaysia

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.