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Maybank raises stake in Pakistan's MCB to 20 pct

Fri Aug 8, 2008 6:33am EDT

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KUALA LUMPUR, Aug 8 (Reuters) - Malaysia's Maybank (MBBM.KL) has bought another 5 percent of Pakistan's MCB Bank (MCB.KA) for about 703 million ringgit ($213 million), raising its stake in the South Asian nation's biggest lender to 20 percent, it said on Friday.

Malayan Banking Bhd, or Maybank, which is Malaysia's top lender, had bought a 15 percent stake in MCB Bank for $680 million in May.

That deal included a clause whereby Maybank was obliged to buy up to another 5 percent of MCB Bank shares within one year of the first transaction. ($1=3.300 Malaysian Ringgit) (Reporting by Faisal Aziz; Editing by Niluksi Koswanage)



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