Bank merger creates Malaysia’s biggest

MANILA, Philippines - When the merger of CIMB with RHB Capital and Malaysian Building Society is sealed, the “new” bank would corner 23-percent market share of domestic loans in Malaysia and a war chest worth $192.8 billion. Industry leader Maybank presently controls 18-percent market share and total resources worth $181.49 billion. Last July, Malaysia’s Bank Negara Malaysia (central bank) approved the deal and the three have entered into a 90-day exclusivity agreement to negotiate and finalize pricing, structure, and other relevant terms and conditions. The banks said they want “to create a mega Islamic bank by tapping into the country’s status as one of the world’s leading Islamic finance centers.”