Saudi bank Al Rajhi in merger talks for its Malaysian unit with another lender - The National:
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, said it is in talks for a potential merger of its fully owned subsidiary in Malaysia with a state-backed financial institution in the Asian country.
The possibility of combining the balance sheets of Al Rajhi Banking & Investment Corporation Malaysia and Malaysian Industrial Development Finance (MIDF) are at early stages, the Saudi lender said in a statement on Sunday to the Saudi stock exchange, where its shares are traded.
Al Rajhi has received preliminary approvals from the Saudi Arabian Monetary Authority and Malaysian regulator Bank Negara, it said. If an agreement is achieved, it will still be subject to various conditions.
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