14 October 2014
Malaysian
financial services giant CIMB is set to merge with RHB Capital Berhad and
Malaysia Building Society Berhard with the proposal submitted to Bank Negara
Malaysia for approval.
The
three-way merger, valued at $22.3 billion, will create the nation's largest
bank. The venture has been hailed by the companies as a formation of an ASEAN
financial powerhouse. CIMB has a presence in nine ASEAN nations, including
Cambodia, where at the end of 2013 it had 11 branches and held about $250
million in assets. RHB had nine branches in the Kingdom with close to $240
million in assets at the end of last year.
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