CIMB not keen on RHB stake

The lender plans to engage in M&A moves outside Malaysia but within the fast-growing Southeast Asia region.

Malaysia's second largest banking group CIMB is not bidding for a stake in RHB and will instead focus on acquisitions in the region outside of its home market, chief executive Nazir Razak said on Thursday.

Bankers had said CIMB could be a potential bidder for a stake in RHB which Abu Dhabi Commercial Bank is selling.

The stake which is up for sale has a current market value of $1.6 billion and first round bids are due on Thursday, sources had said earlier.

The sale has drawn interest from across the board including Japan's Sumitomo Mitsui Banking Group and private equity consortiums as the stake will grant immediate exposure to a fast-growing Southeast Asian economy forecast to expand by 5-6 percent this year.

View the full story in Reuters.