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Maybank raises stake in MCB to 20pc

Friday, 8 Aug, 2008 5:34 pm

KUALA LUMPUR : Malaysia's Maybank has bought another 5 percent of MCB Bank for about 703 million ringgit ($213 million), raising its stake in the South Asian nation's biggest lender to 20 percent, it said on Friday.

Malayan Banking Bhd, or Maybank, which is Malaysia's top lender, had bought a 15 percent stake in MCB Bank for $680 million in May.

That deal included a clause whereby Maybank was obliged to buy up to another 5 percent of MCB Bank shares within one year of the first transaction.

Copyright APP (Associated Press of Pakistan), 2008

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