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Malaysian mega-bank in pipeline

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KUALA LUMPUR: CIMB Group Holdings says it has received central bank approval to begin merger talks with RHB Capital and Malaysia Building Society to create the country’s biggest banking group by assets. 

The companies, which have a combined market value of about US$28 billion, entered into a 90-day exclusive agreement to negotiate and finalise the price and structure of the merger, according to a joint statement released on Friday.

The plan includes the creation of a major Islamic bank, they said.

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