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Friday, October 17, 2014

CIMB mega-merger plan faces Indonesian obstacle

State-controlled CIMB is leading a three-way mega-merger that would create Southeast Asia’s fourth largest lender but its plan might be scuppered by Indonesia’s regulatory agencies. – Reuters pic, October 17, 2014.State-controlled CIMB is leading a three-way mega-merger that would create Southeast Asia’s fourth largest lender but its plan might be scuppered by Indonesia’s regulatory agencies. – Reuters pic, October 17, 2014.
Malaysia’s ambitious plan to consolidate three state-controlled financial institutions to create the country’s largest banking group is facing the awkward prospect of getting trapped in the crosshairs of Indonesia’s regulatory agencies.
State-controlled CIMB, Malaysia’s most aggressive financial group, is leading a three-way mega-merger that would create Southeast Asia’s fourth largest lender in a deal valued at US$22.3 billion (RM74 billion).
The other players in the deal are state-controlled lenders RHB Capital Bhd, a mid-sized bank, and Malaysia Building Society, a lender specialising in mortgages and the property sector.
Malaysia’s CIMB is one of three foreign banks which own controlling stakes in Indonesian lenders.
It controls 97.9% of CIMB Niaga, one of Indonesia’s major lenders, but the bank has been spared from having to comply with the ownership cap on foreign shareholding because it acquired its banking assets before the new laws were introduced in 2012.
That premise, however, is looking shaky under the proposed structure of the mega-merger announced last week.
- TMI

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