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Target practice: prime minister's son tries to buy a bank

Article Abstract:

Several Malaysian moguls have maneuvered to buy Wah Tat Bank, but Mokhzani Mahathir, son of Prime Minister Datuk Seri Mahathir Mohamad, seems to have the deal sewn up. Wah Tat is the country's smallest bank, with 1994 profits of M$8 million, M$65 million of shareholder equity, and just 13 branches. Mahathir apparently plans a turnaround like Tan Sri Quek Leng Chan's with MUI Bank, as Wah Tat can be listed next year. Mahathir may also need partners, likely Tan Sri Vincent Tan and Datuk Thong Kok Khee, also a would-be buyer.

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Out of slumberland

Article Abstract:

Malaysia's multinational Sime Darby has announced plans to negotiate for the financial company that has long been missing from its diversified portfolio. In Feb it won permission to begin negotiations for 60% of United Malayan Banking Corp, whose current owner, Datuk Keramat Holdings, is out of favor with the government. The sale appears to be forced, explaining why Datuk Keramat would sell the nation's fourth-largest financial company, but it may prove a good deal for Sime's new head, Nik Mohamed Nik Yaacob.

Mergers, acquisitions and divestments, Column, Sime Darby Bhd., United Malayan Banking Corporation Bhd.

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Mergers in prospect

Article Abstract:

Bank Negara, the central bank of Malaysia, has sought to foster mergers in order to prepare the Malaysian banking industry for foreign competition. One merger has been carried out while another is planned, but this response is insufficient. Bank Negara has decided to move from moral exhortations to setting up a two-tier system, which discriminates against smaller banks. Further measures may be introduced to prevent the less-capitalized banks from expanding by setting up new branches.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Banks (Finance), Economic policy, Central banks, Malaysia, Bank Negara Malaysia

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