EPF may cut CIMB stake to remove conflict of interest

PETALING JAYA: The Employees Provident Fund (EPF) may reduce its stake in CIMB Group Holdings Bhd, thereby removing the issue of the retirement fund’s conflict of interest in the ongoing mega banking merger involving that bank, RHB Capital Bhd (RHB Cap) and Malaysian Building Society Bhd (MBSB).

Industry sources said the EPF, which now held a 14.59% stake in CIMB Group, could consider the option to divest the bulk of that block to other government-linked funds.