Abu Dhabi bank hires banks for Malaysia sale

Abu Dhabi Commercial Bank (ADCB), which is considering selling its 25-per cent stake in Malaysia's RHB Capital, hired Goldman Sachs and BOA-Merrill Lynch as advisors, its chief executive said.

Ala'a Eraiqat said on Tuesday that a firm decision on the sale of the stake, valued at $1.4 billion, had yet to be made.

"We have agreed to appoint Goldman Sachs and Bank of America-Merrill Lynch, two international firms for the sale," said Eraiqat, speaking at the lender's annual meeting.

Sources told Reuters last month that ADCB had shortlisted three to four banks, including Goldman, for a potential sale.

The proposed sale is expected to draw interest from Chinese banks and other Asian buyers due to Malaysia's rapidly growing economy, though lack of control could deter strategic buyers from bidding aggressively, the sources said.
 

Follow Emirates 24|7 on Google News.