EON Bank Malaysia to expand despite Hong Leong-EON Capital merger

Malaysia-based EON Bank’s chief executive
has said that the bank is not deterred or hindered by the expected
takeover by Hong Leong Bank.

Datuk Michael Lor told regional media
that EON Bank would continue to expand in Malaysia and said that
the bank would open more branches and pursue investments in
2011.

EON Bank is tied up in a merger proposal
between its parent company, EON Capital, and Hong Leong Bank.

The merger was approved in 2010.

But EON Capital’s largest shareholder,
Primus, has sued EON Capital’s directors because Hong Leong Bank
offered to pay 20% less than what Primus had paid per share when it
acquired a 20.2% in EON Bank Capital in 2008.

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