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18 July 2024

ADCB gets nod for Malaysia's RHB stake

By Agencies


Abu Dhabi Commercial Bank is believed to have received approval to buy a 25 per cent stake in Malaysia's fourth-largest lender, RHB Capital, a local newspaper reported on Monday.

The Star daily said the United Arab Emirates bank is buying the stake at between 7.20 (Dh8.28) and 7.40 ringgit (Dh8.51) per share. RHB Capital shares traded around 5.05 ringgit (Dh5.81) early on Monday.

RHB Capital officials could not be immediately reached for comment.

ADCB has been in talks to buy the 25 per cent stake from Malaysian state pension fund, the Employees Provident Fund (EPF), and said last month it was close to concluding the deal, which it first announced in December.

EPF, which took over RHB Group last March after beating out rivals including Kuwait Finance House, wants to slash its stake in RHB Capital to 35 per cent from 82 per cent by July.

RHB has banking operations in Singapore, Thailand and Brunei. It has 280 retail banking branches, investment banking operations and an Islamic subsidiary that is the sixth-largest Islamic bank in Asia. (Reuters)