RHB Investment Bank Bhd., a unit of Malaysia’s fourth-largest lender, said it’s in talks with potential partners in the Philippines to further its push into Southeast Asia’s fast-growing economies and boost revenue.
Malayan Banking Bhd. , Malaysia’s biggest lender by assets, offered to buy Singaporean brokerage Kim Eng Holdings Ltd. in a deal valued at S$1.79 billion ($1.4 billion), accelerating its expansion in Southeast Asia.
CIMB Group Holdings Bhd. and Malayan Banking Bhd. won separate Malaysian central bank approval to begin competing merger talks with RHB Capital Bhd. , triggering a takeover battle that may create Southeast Asia’s biggest bank.
RHB Capital Bhd. surged to a 14-year high after CIMB Group Holdings Bhd. and Malayan Banking Bhd. won central bank approval to begin separate merger talks, triggering a battle to potentially create Southeast Asia’s biggest bank.
Malaysia aims to almost halve its budget deficit in the next five years as the government cuts subsidies, widens the tax base and reduces expenses under a plan to make the economy more competitive. The ringgit rose.