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Malaysia's top banks offer US$865m Islamic financing for Cititower

[KUALA LUMPUR] The investment banks of Malaysia's two largest lenders by assets, Malayan Banking Bhd and CIMB Group Holdings Bhd, have signed an agreement with real estate firm Cititower Sdn Bhd for a 20-year syndicated Islamic term financing of RM3.2 billion (S$1.18 billion).

The funding will part finance a mixed commercial development project in the capital, which will include an office and a hotel tower, according to a joint statement by the banks on Wednesday.

Cititower is a joint venture between KLCC (Holdings) Sdn Bhd and QD Asia Pacific Ltd, a unit of Qatari Diar Real Estate Investment Company, the statement showed.

The project is expected to be completed by the middle of 2020, the banks added.