RHB Bank Aims To Conclude 40% Stake Acquisition In Bank Mestika By Early Q3 2013 | Bernama 

(The Insider Stories) — Malaysia’s RHB Capital Bank Bhd. reportedly expects to complete a 40% stake acquisition worth RM651.1 million ($209 million) in Indonesian medium-sized lender PT Bank Mestika Dharma by early in the third quarter of this year.

Managing Director Johari Abdul Muid said the bank has almost completed the deal. “We are now waiting for the regulatory approval. We target to complete this deal somewhere in the early third quarter of this year,” Bernama reports.

Based in North Sumatra provincial capital Medan, Bank Mestika has 50 branches and six so-called cash offices across the country, it says. The acquisition will help drive Indonesia’s banking system forward and help with the central bank’s plan to reduce the number of the country’s lenders, it says. Bank Indonesia has been coaxing the nation’s 120 commercial lenders to consolidate through mergers and acquisitions in order to create a stronger banking system.

RHB Capital is controlled by Malaysia’s largest pension, the Employees Provident Fund.

Related Posts

• | Outlook Data“>Moody’s Asia Pacific Weekly Jun 12-19 | Outlook Data
• | Sector data“>Samuel Sekuritas : Asia Stock May Bearish | Sector data
• | Outlook Data“>Fed likely to refrain from tapering its asset purchases for now - Capital Economics | Outlook Data
• | Outlook Data“>Indonesia Macro Flash: budget approved, fuel price hike forthcoming - Citi | Outlook Data
• | Outlook Data“>Revised Budget Approved, Fuel Price Hike in Sight - Danamon | Outlook Data