Banks enter into exclusivity agreement, ruling out competing bids

Mega bank in the making

PETALING JAYA: CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB) have announced that they had entered into a 90-day exclusivity agreement for a proposed merger of the three financial institutions and the creation of a mega Islamic bank.

This effectively would mean that there would not be any competiting bids for RHB Cap during this period, leaving the parties to concentrate on striking a deal acceptable to all.