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CIMB says has ceased merger talks with RHB Cap
by hlk Thu 23 Jun 2011, 19:13
KUALA LUMPUR: CIMB Group has said that it has ceased negotiations with RHB CAPITAL BHD [] on a potential merger exercise.
In a statement Thursday, June 23, CIMB group chief executive Datuk Seri Nazir Razak said that based on its discussions and assessment of the present expectations of key stakeholders, the bank did not believe that it would be able to arrive at a value creating merger.
“Merger negotiations are both resource consuming and distracting for staff and stakeholders.
"Therefore, we prefer not to prolong our discussions unnecessarily, allowing all parties to return to ‘business as usual’ as soon as possible,” he said.
In a statement Thursday, June 23, CIMB group chief executive Datuk Seri Nazir Razak said that based on its discussions and assessment of the present expectations of key stakeholders, the bank did not believe that it would be able to arrive at a value creating merger.
“Merger negotiations are both resource consuming and distracting for staff and stakeholders.
"Therefore, we prefer not to prolong our discussions unnecessarily, allowing all parties to return to ‘business as usual’ as soon as possible,” he said.
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