Malaysia’s dream of forming an Islamic megabank to accelerate industry development remains just that.
A three-way merger that would have created a lender with the financial clout to win bigger sukuk deals against the likes of HSBC Holdings Plc and Standard Chartered Plc has stalled as tumbling oil prices wreak havoc on the economy. The planned amalgamation of CIMB Group Holdings Bhd., RHB Capital Bhd. and Malaysia Building Society Bhd. would have been the nation’s largest ever M&A transaction.