RHB Bank keen on new Indonesian arm, Mestika

Acquisition of Bank Mestika provides access to the bank's most important overseas market.

RHB's group managing director Tajuddin Atan said in Kuala Lumpur that RHB is currently undertaking a huge regional expansion programme which includes putting up branches in Singapore, Thailand, Brunei and an office in Vietnam. He stressed that on top of all these countries, "Indonesia will be our biggest market after Malaysia."

Thus in a deal with PT Mestika Benua Mas, RHB is set to acquire 80 percent of the regional Indonesian bank for 3.12 trillion rupiah ($329 million), according to a report in Brunei fm World.

Bank Mestika has 50 branches in South East Asia's largest economy.

The only factor that delays the enforcement of the deal are the approvals from the central banks of Malaysia and Indonesia, Tajuddin said.

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