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KINIBIZ Malaysians were informed on July 10, 2014 that a major bank consolidation was in the pipeline, involving CIMB Group Holdings, RHB Capital and Malaysian Building Society.

With this union, CIMB will emerge as Malaysia’s largest banking enterprise, in terms of assets, as RHB Capital owns RHB Bank, currently the country’s fourth largest bank.

According to media reports, the merger will enhance CIMB’s goal of becoming South-East Asia’s leading Islamic finance institution with the capacity to expand its interests in this sector to other parts of the world.

However, one core issue remains unmentioned in the press: this consolidation will tightly entwine the interests of political and business elites in the banking sector.

To read the full story go to KiniBiz .

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