UAE bank eyes 25pc stake in Malaysia's RHB Capital
Tuesday, 25 December 2007
DUBAI, Dec 24 (AFP): Abu Dhabi Commercial Bank (ADCB) is negotiating to buy a 25 per cent stake in RHB Capital, the fourth largest banking group in Malaysia, the official WAM news agency said Sunday.
"ADCB has confirmed that exclusive negotiations are under way to snap up a 25 per cent holding in RHB Capital," owned by the state-run Employees Provident Fund, WAM reported without indicating how much the stake would be worth.
It said the bank had sent a memorandum to the Abu Dhabi Securities Market informing it of the talks.
ADCB announced in January that it made a record net profit of 2.147 billion dirhams (then US$584.7 million) in 2006, up 12 per cent on the previous year.
Last month, the state-run Abu Dhabi Investment Authority (ADIA) became one of Citigroup's biggest shareholders in a $7.5-billion deal that was designed to help shore up the ailing US bank's coffers.
"ADCB has confirmed that exclusive negotiations are under way to snap up a 25 per cent holding in RHB Capital," owned by the state-run Employees Provident Fund, WAM reported without indicating how much the stake would be worth.
It said the bank had sent a memorandum to the Abu Dhabi Securities Market informing it of the talks.
ADCB announced in January that it made a record net profit of 2.147 billion dirhams (then US$584.7 million) in 2006, up 12 per cent on the previous year.
Last month, the state-run Abu Dhabi Investment Authority (ADIA) became one of Citigroup's biggest shareholders in a $7.5-billion deal that was designed to help shore up the ailing US bank's coffers.