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Telco and Car Maker now turning into a Banker

Telco and Car Maker now turning into a Banker

(Malaysia) - Malaysian group Sapura Holdings has won central bank approval to look at acquiring Southern Bank. Reportedly about to assume control of Southern STBB, the number 8 ranked of the country's 10 domestic banks with $6 billion in assets, the deal reflects further flow through in institutions consolidating into 10 core banking groups.

Sapura is expected to use listed arm Sapura Telecommunications as the entity in acquiring Southern in a transaction worth up to US$236 million and another corporate shift from Chinese ethnic ownership to Malay.
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