RHB Capital Bhd has turned hunter and is now hungry to take over CIMB Holdings Bhd to create Southeast Asia’s largest bank, just a week after a mega-merger was called off due to the high prices involved in the deal.
RHB Capital, the target of a takeover bid by Maybank and CIMB a few weeks ago, is planning a bid and create a financial institution with a market value of roughly RM86 billion.
An external source said the RHB merger plan is to create one of the biggest Islamic banks in the world, considering the interest and also CIMB’s wide network throughout Southeast Asia. It is learnt that over time, the deal will allow EPF to move its loan book to the merged CIMB-RHB banking group.
It is understood that the RHB offer has the blessings of Putrajaya as it allows them to get direct cash from EPF instead of asking for loans from the country's largest pension fund.
“This is quite a surprising move seeing that barely a week ago RHB Capital said they will be fine on their own,” The Malaysian Insider quoted.
One senior financial executive involved in the just-aborted takeover bid for RHB said EPF officials have “floated the idea with the government, and it has some legs”.
Sources from The Malaysian Insider says Nazir will play a huge role in the new banking group if EPF's plans pan out.
liquidearth
No comments:
Post a Comment