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Wednesday, 7 November 2007

Abu Dhabi bank eyes RHB Islamic

Dubai, United Arab Emirates: Abu Dhabi Commercial Bank (ADCB), an Islamic bank, is eyeing a stake in a Malaysian Islamic bank, which is speculated to be RHB Islamic Bank.
Talk also has it that ADCB has sought approval from the authorities to start negotiations to buy a 25% stake in RHB Capital Bhd from the Employees Provident Fund (EPF).
Under the multiple bidding system, banks in Malaysia can hold talks with more than one interested party.
Recently, RHB Capital aborted negotiations with Kuwait Finance House for the acquisition of RHB branches, asset and liabilities. The EPF has to trim its shareholding in RHB Capital from 82% to 35% by June next year.
It is learnt that four other parties here are also interested in buying into Malaysia's Islamic banks for which a maximum of 49% stake is permitted for sale.
Besides investments, the parties are believed to be keen on acquiring the expertise and talent in Malaysia's fast-growing Islamic finance sector.

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