CIMB, 2 others forming mega-bank

MANILA, Philippines - CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd is seeking the approval of the Bank Negara Malaysia (BNM) to form a mega-bank with market capitalization of $28.3 billion. Reports likewise indicate that the Employees Provident Fund will play a significant role in the merger as it owns big stakes in all three firms. Meanwhile, CIMB Bank completed Malaysia’s first live bank payment obligation (BPO) transaction with receivables financing. This also marks the first cross-border collaboration involving inter-bank BPO between CIMB Bank and China CITIC Bank. With the completion of this maiden BPO transaction, CIMB Bank has become the 11th banking group worldwide to complete a BPO transaction.