Malaysian billionaire Quek Leng Chan is reportedly reviewing his stake in Hong Leong Bank, where he is its chairman, and considering options including a merger or sale.
Quek Leng Chan is weighing options for his Hong Leong Bank stake, according to a «Reuters» report citing unnamed sources. Options being considered include a merger or the sale of a minority stake.
Thus far, there is no formal proposal underway, shortlisted candidates nor decision on the size of the stake sale.
Some of Malaysia’s mid-sized and large banks held merger talks more than five years ago, the report added, but faced difficulties from negotiations and political considerations.
Quek Leng Chan
Quek, 80, is Malaysia’s second richest man after property tycoon Robert Kuok with an estimated net worth of $10 billion, according to Forbes magazine this year.
He is the owner of conglomerate Hong Leong Financial Group which holds a 62 percent stake in Hong Leong Bank, Malaysia's fourth largest lender with a market value of $10 billion, according to Refinitiv data.
