25 Malaysian banks complete merger talks

The Malaysian bank merger process nears completion, as banks take advantage of a tax break.

Of the total 31 sales and purchase agreements signed by Malaysian financial institutions for their merger exercise, 25 have completed their negotiations, said Bank Negara Malaysia governor Dr Zeti Akhtar Aziz.

However, the remaining six have yet to find their merger partners, she told a press conference in Kuala Lumpur on Wednesday to announce the country's second quarter gross domestic product GDP.

Dr Zeti said BNM was monitoring the progress closely.

The merger exercise, which will see 10 anchor groups, is part of the financial system masterplan finalised by BNM to change the country's banking landscape.

The 10 anchor banks are Malayan Banking Bhd, Bumiputra-Commerce Bank Bhd, RHB Bank, Public Bank, Arab-Malaysian Bank,...

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