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Malaysia's Maybank says to make offer for RHB by month-end
June 13, 2011 / 4:25 AM / 6 years ago

Malaysia's Maybank says to make offer for RHB by month-end

KUALA LUMPUR, June 13 (Reuters) - Malaysia’s top lender, Maybank, will make a proposal to acquire RHB Capital by the end of the month, chairman Megat Zaharuddin Megat Mohammad Nor said on Monday.

Maybank and rival CIMB are both in talks to take over RHB, Malaysia’s fifth-largest lender with a market value of about $7.3 billion.

The banks are bidding for RHB at a time when Abu Dhabi Commercial Bank (ADCB), a major shareholder in RHB, is planning to sell its 25 percent stake in the Malaysian lender to Abu Dhabi investment fund Aabar.

The Employees Provident Fund has a 44.7 percent stake in RHB and the rest are held by local and foreign funds, according to Thomson Reuters data.

Megat Zaharuddin, speaking to reporters, also said Maybank would proceed with the acquisition if it created value and contributed to earnings. (Reporting by Liau Y-Sing)

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