Malaysian lenders CIMB Group, RHB Capital and Malaysia Building Society (MBSB) have agreed to merge their businesses to form the country’s biggest banking group.
It was not immediately clear how a deal with MBSB will be structured, but according to local media reports it may involve shares and cash.
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The three banks entered into a 90-day exclusivity agreement to negotiate the merger in July after receiving approval from the country’s central bank Bank Negara to commence discussions on the merger.
The lenders in separate filings with Bursa Malaysia asked for suspension of their shares after the expiry of their exclusivity period, which ended on 8 October 2014.
A combination of the three lenders would give birth to a banking group with assets totalling around $190bn, surpassing Malayan Banking (Maybank) and making it Southeast Asia’s fourth-biggest bank.
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