ADCB to acquire 25% of RHB

by Richard Kilner

Story link: ADCB to acquire 25% of RHB

Abu Dhabi Commercial Bank has been granted permission by the Ministry of Finance to acquire 25% of RHB Capital Berhad.

The stake is being sold by Employees Provident Fund Board, which holds 82% of RHB.

The green light comes after a period of talks between ADCB and EPF regarding the acquisition.

ADCB’s chief executive officer, Eirvin Knox, has said that the firm is interested in investing in Asia generally, and especially in Malaysia.

Knox went on to say that another reason why RHB was seen as such an attractive proposition was its Islamic banking arm, which has seen a rapid growth across the world compared to conventional banking.

RHB is a prominent and fully integrated financial services groups in Malaysia.

Working with its subsidiaries, RHB is a leading player in a range of services offered to customers both domestic and international, including Islamic banking, investment banking and insurance.

For the deal to go through successfully approval also needs to be granted by the Foreign Investment Committee.