Malaysia’s CIMB, RHB and MBSB to merge and create mega Islamic bank

Friday, 11 July 2014 01:25 -     - {{hitsCtrl.values.hits}}

KUALA LUMPUR (Reuters): Malaysia’s second-largest bank CIMB Group Holdings Bhd said on Thursday it plans to merge its business with fourth-biggest lender RHB Capital Bhd and to create a larger Islamic bank with smaller rival Malaysia Building Society Bhd. Shares in the three lenders were suspended from trade on Thursday pending the announcement. The deal would make CIMB the country’s biggest bank by assets, ahead of Malayan Banking Bhd (Maybank), which analysts said could now come under pressure to make an acquisition of its own.