Abu Dhabi fund Aabar is considering a write-down of its $1.9 billion purchase of a 25-percent stake in Malaysia's RHB Capital , a source said, after the deal's rich pricing helped scupper long-awaited consolidation in Malaysia's banking sector.
Aabar agreed to pay 10.80 ringgit per share in June for Abu Dhabi Commercial Bank's quarter stake in RHB, valuing Malaysia's fifth largest lender at around $7.2 billion, or 2.25 times its book value.
Malaysia's two largest banks, Maybank and CIMB Group , which had been planning a full takeover of RHB, subsequently pulled out of the deal citing the high price paid by Aabar.
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