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.
A view of the city skyline in Kuala Lumpur Malaysia July 2, 2020. REUTERS/Lim Huey Teng/File PhotoSINGAPORE, Aug 8 - Malaysia's second-richest man Quek Leng Chan is weighing options for his stake in Hong Leong Bank Bhd
Hong Leong Bank and Hong Leong Financial did not respond to multiple queries sent by Reuters and there was also no response from Quek to queries sent through the bank.It was not immediately clear if Quek has shortlisted candidates for a potential merger or has decided how much of the stake he could sell.
The sources said the move by Quek comes as the bank's shares have risen sharply this year and he considers succession issues. Any potential sell-down in Hong Leong Bank by Quek, who was estimated by Forbes magazine this year to have a net worth of $10 billion - making him Malaysia's second-richest man after real estate investor Robert Kuok - is expected to be for a minority stake, two of the sources added.
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