The sale of a 25% stake in RHB Capital Bhd (RHB Cap) by Abu Dhabi Commercial Bank Bhd (ADCB) at 2.25 times the book value of RHB Cap or RM10.80 per share, has set a relatively high pricing benchmark for the potential takeover of the bank by Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd.
Even so, certain analysts say this may be justifiable if there were meaningful synergies between the merging parties.
Yet, not all are convinced on the synergies to be reaped by either Maybank or CIMB from RHB Cap as they point out that it could result in significant duplication of resources and services.
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