CIMB-RHB-MBSB to form Asean powerhouse

AFTER 90 days of intensive talks, Malaysia's CIMB Group, RHB Capital and MBSB on Thursday unveiled a massive RM72.5 billion (S$28.4 billion) deal to merge the three entities into a financial powerhouse with assets worth over S$240 billion - and also create a mega Islamic bank along the way.

Under the deal, RHB Capital, Malaysia's fourth largest lender, will acquire its bigger rival and the country's second-largest bank CIMB Group, contrary to widely held expectations of the reverse.

A joint statement by the three parties said: "The merged entity will be a major Asean financial powerhouse."