Name change for RHB Group?
THE long-existing RHB Group brand name will make its exit and will be replaced following the takeover of the group by Utama Banking Group. Industry sources say the enlarged group will undergo a re-branding exercise. However, the exercise, sources say, is not expected to take place over the immediate to short term.
It had earlier been uncertain if the new shareholders would opt for a name change given that the RHB brand itself has carved a strong name for itself in the industry. However, it also comes as little surprise that the new shareholders would want to project their own identity, hence the need to re-brand the group.
UBG had earlier in the year completed its purchase of Rashid Hussain Bhd. Tan Sri Abdul Rashid Hussain sold his 23.9 per cent stake in RHB Bhd for RM6 a share including the sale of his stake in RHB Sakura Merchant Bank. Utama Banking Group sold Bank Utama into RHB Group for RM1.6 billion.
The proposed merger (the completion date for merger is targeted for May 1 this year) when completed, will create the country's second largest financial services group.
Danaharta to meet heads of research
NATIONAL asset management company Pengurusan Danaharta Nasional Bhd is scheduled to meet up with 12 heads of research from broking houses on March 11. The roundtable discussion, it is believed, is meant to get analyst feedback on several issues pertaining to Danaharta as well as discuss the exit options available for the asset management company.
Danaharta, since its inception, has always vigorously pursued discussions with analysts on their operations and have regularly given the analyst fraternity updates on their progress.
Danaharta managing director Datuk Abdul Hamidy Hafiz, it is believed, will lead the discussion.
The curtains will come down on Danaharta, set up back in August 1998, at the peak of the crisis, sometime end 2005. The last tranche of bonds due for redemption issued by the company falls on March 2005. “That will give Danaharta some nine months to put everything in order before it closes shop,” says an industry source.
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