Southern Bank proposes insurance acquisition

Malaysia''s ninth largest bank looks to acquire Singapore''s Asia General Holdings.

For the second time in a week, a state-backed Malaysian corporation looks to be making significant inroads in the Singapore market, with Southern Bank looking to expand its regional business.

Whereas the telecommunications sector was the focus of last week's acquisition of Singapore's MobileOne by Telekom Malaysia International TMI and Khazanah, a financial services transaction is likely to become the latest deal involving the neighbouring nations.

Southern Bank, Malaysia's ninth largest lender, appears to have beaten out stronger opposition, emerging as the likely acquirer of Singapore's Asia General Holdings AGH. In the process, one of Malaysia's smallest banks is clearly sending the message that it...

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