Malaysia's Hong Leong Bank chairman weighs merger, stake sale in bank

Malaysia's Hong Leong Bank chairman weighs merger, stake sale in bank

Hong Leong Bank's digital banking platform, Hong Leong Connect

Malaysia’s second-richest man Quek Leng Chan is weighing options for his stake in Hong Leong Bank Bhd, including a merger, two sources with knowledge of the matter said, in a move that could trigger wider consolidation in the sector. Quek, 80, is also exploring the possibility of reducing his stake in the Malaysian lender, said the sources who declined to be named due to the confidential nature of the matter.

Conglomerate Hong Leong Financial Group Bhd, controlled by Quek, holds a 62% stake in Hong Leong Bank, the country’s fourth-largest lender with a market value of $10 billion, according to Refinitiv data.

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