Arabian lender buys stake in Malaysia’s bank

09/05/2008 -- 11:39 AM

Kuala Lumpur (VNA) - Abu Dhabi Commercial Bank (ADCB) has bought a 25 percent stake of RHB Capital Berhad (RHB Cap), the fourth largest banking group in Malaysia, for 1.21 billion USD (3.9 billion ringgit), local media reported on May 9. The Middle Eastern lender bought the stake from RHB Cap's biggest shareholder, the Employees Provident Fund (EPF), which still holds 57 percent after the sale. The acquisition, the largest investment to date by a Middle East investor in the Malaysian financial services sector, will make ADCB the second largest shareholder of RHB Capital after the EPF, the Bernama news agency said. EPF said in a statement that the investment by ADCB would pave the way for a strategic partnership between ADCB and itself, and drive RHB Cap's ambition to become one of the top three financial service providers in the Association of South East Asian Nations by 2020. ADCB is the second largest bank in the United Arab Emirates, founded in 1985.- Enditem
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