Tuesday, October 4, 2011

OSK tight-lipped on merger talks with RHB Capital group

KUALA LUMPUR: OSK Investment Bank Bhd is tight-lipped over merger talks with RHB Banking Group as it awaits the greenlight from Bank Negara Malaysia.

"We have not received approval from the central bank to start discussions. (Till then), I will confine the issue to just the information we are able to announce," OSK Investment's chief executive officer, U Chen Hock said on Tuesday, Oct 4.

He also declined to provide any details, including, how soon OSK Investment expects Bank Negara to give its approval for the talks to proceed.

Last Thursday, RHB CAPITAL BHD [] and OSK HOLDINGS BHD [] had sought Bank Negara's approval, to start merger talks involving RHB's banking unit and OSK Investment.

U was speaking to reporters after launching the OSK Investment Challenge (OSKIC), a virtual investing competition, organised by OSK Investment for the second consecutive year.

He said the competition is designed to educate and inspire students on the workings of the capital market by providing an avenue for them to experience it first hand, as virtual investors, within a simulated stock market.

Bursa's chief executive officer, Datuk Tajuddin Atan was also present at the launch. - Bernama

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