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CIMB, two others "seek merger to create Malaysia's biggest bank"

Published on Jul 10, 2014 9:41 AM
 
CIMB Bank. -- FILE PHOTO: BT

KUALA LUMPUR (Reuters) - CIMB Group Holdings, Malaysia's second largest bank, is seeking to acquire two other lenders to create the country's biggest bank, media reports said.

Shares in CIMB, RHB Capital, the nation's fourth largest bank, and Malaysia Building Society were halted on Thursday, pending the release of a material announcement.

The reported merger comes ahead of a planned economic integration of Southeast Asian economies next year, with countries in the 10-nation alliance keen to build national champions to bolster their banking systems.

Analysts said such a deal would put pressure on Maybank, the nation's biggest bank, to acquire a rival.

 
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