CIMB, RHB Cap, MBSB merger confirmed called off

KUALA LUMPUR: Six months after first announcing plans for the biggest banking merger in recent history, the three financial institutions involved have decided to call off the deal, citing unfavourable economic conditions and the inability to “arrive at a value-creating transaction for all stakeholders”.

CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB), which first announced an intention to merge last July, said in a joint statement yesterday that they had ceased discussions on the proposed merger.