Friday, October 14, 2011

RHB Capital, OSK get Bank Negara nod to start merger talks

KUALA LUMPUR: RHB CAPITAL BHD [] and OSK HOLDINGS BHD [] have received Bank Negara Malaysia's approval to commence negotiations for a possible merger.

In separate filings to Bursa Malaysia Securities on Friday, Oct 14, RHB Capital and OSK said they had received Bank Negara's approval in principle via letters dated Oct 13 that the central bank had no objection for the parties to commence negotiations for a possible merger of businesses between the RHB banking group and OSK investment banking group.

OSK said the approval to commence negotiations was valid for a period of 3 months from the date of Bank Negara's letter.

'Further details on the possible merger will be announced in due course,' it said.

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