Public Bank takes a beating
An unpopular merger plan leads to a market pummelling. Public Bank proponents say investors are thinking too short term.
It's been tough few weeks for one of Malaysia’s conservative banking groups. Public Bank has taken a ferocious hammering in the market. Its foreign shares slumped 4.3% to M$3.12 today (Monday), continuing the slide that began after it first unveiled its merger plans with Hock Hua Bank last June. The problem is in the fine print: the banks' intention to merge had been known for a long time, it was the details that shocked investors. Few were prepared to see Public Bank's commercial ban…
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