EPF enters battle for RHB
Utama Banking Group announced that the Employees Provident Fund (EPF) offered RM2.2 billion (US$636 million) for Utama's 32.8% stake in Rashid Hussain Bhd (RHB), which slightly tops the Kuwait Finance House offer of RM2.16 billion (US$615 million) for the same stake in RHB. If Utama Banking Group accepts the EPF offer, the Fund will extend the same offer to all other shareholders of RHB, as well as offer RM4.80 (US$1.37) per share of RHB Capital.
Abu Dhabi to start $1 billion Islamic bank
The Government of Abu Dhabi announced plans to start a $1.1 billion Islamic bank called Al Hilal Bank.
Singapore attracts Middle Eastern Banks
Senior Minister Goh Chok Tong announced that eight Middle Eastern banks have opened branches in Singapore. He was speaking at the Singapore International Waqf conference.