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CIMB-RHB-MBSB to form Asean powerhouse

RM72b merger will create entity with S$240b in assets and a mega Islamic bank

Anita Gabriel
Published Thu, Oct 9, 2014 · 09:50 PM

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."

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