Print this article
RHB Capital Takes Over Indonesian Bank
Vanessa Doctor
20 October 2009
Malaysian bank
RHB Capital has agreed to take over 80 per cent of Indonesia's
Bank Mestika for $329 million. 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.
RHB Capital is the holding firm of the
RHB Banking Group, the fourth largest financial services company in Malaysia.
The acquisition is expected to be finalised by the second quarter of 2010.