June 30, 2014 / 5:52 AM / 4 years ago

Malaysia's RHB Capital cancels plan to buy 40 pct of PT Bank Mestika

KUALA LUMPUR, June 30 (Reuters) - RHB Capital Bhd, Malaysia’s No.4 lender, said on Monday it has canceled its plan to buy a stake in Indonesia’s PT Bank Mestika Dharma after failing to win approval from Indonesian authorities.

RHB Capital said it still had not received approval from Indonesia’s Financial Services Authority and thus failed to fulfill conditions for the sale and purchase agreement expiring on June 30.

The bank had proposed buying 40 percent of Bank Mestika for 651.1 million ringgit ($202.87 million). It initially planned to acquire 80 percent of Bank Mestika for 1.1 billion ringgit, but reduced the stake after Indonesia’s central bank capped single-party ownership of domestic banks in 2012.

$1 = 3.2095 Malaysian ringgit Reporting By Al-Zaquan Amer Hamzah; Editing by Matt Driskill

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