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Malaysia's Hong Leong moves on HK bank

Malaysia’s Hong Leong moves on HK bank

(Malaysia) - Malaysian lender Hong Leong Bank has confirmed it is in talks to buy a controlling stake in the Hong Kong-based International Bank of Asia. In a statement to the Kuala Lumpur Stock Exchange, Hong Leong said it had applied to the central bank, Bank Negara Malaysia, for approval to buy IBA.

Hong Leong is likely to purchase the 55 percent stake in IBA held by Bahrain's Arab Banking Corp. No pricing details have been revealed so far.

IBA shares surged more than 7 percent in Hong Kong trading on Monday on rumours of the deal.

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