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Thursday, June 23, 2011

Maybank, CIMB call off talks with RHB (BT)

Malayan Banking Bhd (Maybank) and CIMB Group Holdings Bhd have ceased their separate negotiations with RHB Capital Bhd on a possible merger.

Analysts said the asking price could have been too high which could have led the country's top two banks to pull out of the race together.

Maybank, in a filing to Bursa Malaysia, said the decision was taken in the light of recent developments and following further deliberations.

CIMB Group Chief Executive Datuk Seri Nazir Razak, in a separate statement, said the bank believed that it would not be able arrive at a value creating merger based on its various discussions and assessment of the present expectations of key stakeholders.

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