KUALA LUMPUR: Investment management firm Vertical Theme Sdn Bhd is planning to seek approval in the coming weeks to start talks about selling its stake in Alliance Bank Malaysia Bhd
, according to people familiar with the development.
Vertical Theme, a Malaysian holding company, is considering selling its roughly 29% stake in Alliance Bank to Singapore’s biggest lender, DBS Group Holdings Ltd, the people said, asking not to be identified because the deliberations are private.
Under local rules, Vertical Theme needs to submit an application to Malaysia’s central bank to start any talks. If a deal goes through, DBS may consider raising its stake in Alliance to up to 49% via a voluntary partial general offer, the people said.
A deal for Alliance would give DBS a foothold in Malaysia, where Singaporean rivals Oversea-Chinese Banking Corp and United Overseas Bank Ltd already have an established presence. — Bloomberg
