Utama takes out RHB
(Malaysia) - Minnow Malaysian retail bank Utama Banking has won control of RHB, Malaysia's third biggest lender, buying out Abdul Rashid Hussain and Malaysian Resources Corp Bhd in a 1.2 billion ringgit (US$308 million) transaction.
Utama's acquisition of eight times larger RHB, will reduce RHB Hussain Bhd group's debt to assets gearing to 2.1 times from 9.4 times.