HLB plans rights issue this year

KUALA LUMPUR: Hong Leong Bank Bhd (HLB) is planning to raise up to RM3bil in rights issues this year to strengthen its capital, two sources with direct knowledge of the matter told Reuters.

The bank, Malaysia’s fifth largest by assets, was the last of its peers to bolster its capital to meet more stringent central bank requirements under the global Basel III framework, the sources said.