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NEW UPDATES Asean Affairs  15 October 2014  

Malaysian firms form mega-bank

Malaysian financial services giant CIMB is set to merge with RHB Capital Berhad and Malaysia Building Society Berhard with the proposal submitted to Bank Negara Malaysia for approval, a joint announcement from the Malaysian firms said the day before yesterday.

The three-way merger, valued at $22.3 billion, will create the nation's largest bank, according to an October 10 report from Bloomberg. The venture has been hailed by the companies as a formation of an ASEAN financial powerhouse.

“This exercise will cement CIMB Group’s position amongst the top banks in ASEAN and bring a host of value creation opportunities for all our stakeholders,” said Tengku Dato’ Zafrul Tengku Abdul Aziz, acting group chief executive at CIMB Group, said in a statement.

CIMB has a presence in nine ASEAN nations, including Cambodia, where at the end of 2013 it had 11 branches and held about $250 million in assets. RHB had nine branches in the Kingdom with close to $240 million in assets at the end of last year.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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