M and A
RHB Capital Takes Over Indonesian Bank
Malaysian bank
RHB Capital has agreed to take over 80 per cent of
Indonesia's
Bank Mestika for $329 million.
RHB Capital is the holding firm of the
RHB Banking Group, the fourth largest financial services
company in Malaysia.
In a statement, RHB said that the purchase was fuelled by the
growing importance of Indonesia in its regional expansion
strategy, as well as its geographical proximity. RHB has been
preparing to launch a series of M&As over the next years as
part of its aim to become a top ASEAN financial services firm by
2020. Bank Mestika, headquartered in Medan, Indonesia, currently
has 50 branches spread across the country.
The acquisition is expected to be finalised by the second quarter
of 2010.
