ADCB eyes $1.2bn RHB bank stake

Published Tuesday, February 05, 2008

By Agencies

Abu Dhabi Commercial Bank said it is looking to pay about $1.2 billion for a stake in Malaysia's RHB Capital to offer Islamic financial services in the Southeast Asian country.

ADCB is in talks to buy the 25 per cent stake from the Malaysian government's Employees Provident Fund, the United Arab Emirates lender said in a statement on Tuesday.

"This investment is part of the long-term strategy of the ADCB to expand outside the GCC region, and we see huge potential for synergies between RHB and ADCB," Saeed al-Hajeri, the chairman of ADCB, said in the statement.

ADCB said in December it was in exclusive talks to buy the stake, without giving a value.

The UAE is a member of the Gulf Cooperation Council, a loose economic and political bloc of six Gulf Arab oil producers. (Reuters)

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