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Strategies & Market Trends : Asia Forum
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To: Derrick P. who wrote (1995)2/8/1998 11:05:00 PM
From: Stitch  Read Replies (2) of 9980
 
Derrick,

There is an article in this morning's paper (The New Straits Times) issuing a public denial by MBf that they are engaged in any merger discussions. This followed an official query made Saturday by the KLSE. The stock had shot up 14% on rumours they were being acquired by Public Bank Group. The first published account was seen in the Bloomberg report, I believe, which also speculated a price of RM1.2 billion.

Bank Negara has given a deadline of March 31 for banks and financial cos. to finalize merger talks, which have been encouraged by Malaysian authorities. In addition Bank Negara announced on Friday that they would reduce the statutory reserve requirement (SRR) from 13.5 % to 10% for member banks lending rules. This is widely seen as an attempt to harness interest rates. The Central Bank will offset the move by reducing its own lending to the interbank market to minimize the affect on liquidity while moving that liquidity into the finacial system. The real affect is to release about RM14 billion in funds for servicing loans, expected primarily to be used in the private sector.
There has been much here about the tight credit situation. I see this latter move as simply ratcheting open a click or two to find a slightly more comfortable level.

Best
Stitch
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