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FINANCIAL SERVICES | Staff Reporter, Malaysia
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DBS to be overtaken by Maybank if acquisition pushes through

Malaysia’s--and potentially Southeast Asia’s--biggest lender plans to acquire RHB for a combined capitalisation of approximately $29 billion.

A Bloomberg report said Maybank will present a proposal to acquire RHB Capital Bhd. by the end of June. CIMB, Maybank’s biggest local rival, is also eyeing the acquisition.

Maybank Chairman Megat Zaharuddin Megat Mohd Nor was quoted as saying, “An acquisition would give us scale. You need scale to compete. Not only the incumbent Southeast Asian players are trying to grow their business here, we have global players from other parts of the world that are focusing in this part of the world.”

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