Kuala Lumpur – Maybank today announced that Bank Negara Malaysia (“BNM”) has, vide its letter dated 31 May 2011, stated that it has no objection in principle to Maybank commencing preliminary negotiations with RHB Capital Berhad (“RHB Capital”) and its major shareholders for a possible merger of the businesses of the two banking groups. The approval from BNM to commence negotiations is valid for 3 months from 31 May 2011.
The potential transaction, if it materialises, would be consistent with Maybank’s vision to become a regional financial services leader, and support its strategic objectives of being the undisputed No 1 retail financial services provider in Malaysia and the leading Islamic bank in ASEAN, amongst others. The transaction will be evaluated based on the potential for value creation for Maybank’s shareholders.
Further announcements will be made at the appropriate time.