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Utama takes out RHB

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.
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