ADCB hires Goldman to sell RHB stake: sources

Customers walk out of an ADCB Head Office bank branch located in Abu Dhabi. (FILE)

Abu Dhabi Commercial Bank (ADCB) has hired Goldman Sachs to sell its 25 per cent stake in Malaysian bank RHB Capital valued at $1.4 billion, two sources with direct knowledge of the matter told Reuters on Saturday.

ADCB had shortlisted three to four banks and was still deciding whether to appoint a second adviser for the sale, sources added.

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, sources said.

An ADCB spokesman did not offer an immediate comment while a Hong Kong-based spokesman for Goldman Sachs was not available for an immediate comment.

Sources declined to be identified as the information had not been formally made public yet.

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