Deals
Biggest Malaysian Banking Merger Scrapped on Economic Conditions
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CIMB Group Holdings Bhd., RHB Capital Bhd. and Malaysia Building Society Bhd. agreed to scrap a three-way merger that would have created Malaysia’s largest banking group, citing current economic conditions.
“The decision to cease discussions was arrived at after a detailed review of potential synergies that could be realistically delivered, especially in the current economic environment,” Tengku Zafrul Tengku Abdul Aziz, acting Chief Executive Officer of CIMB Group, said in a joint e-mailed statement today.