Pakistan bank denies Maybank seeking a stake

SHARES of Malayan Banking Bhd (Maybank) closed flat yesterday following a report that the lender is considering buying up to a fifth of Pakistan's largest bank, MCB Bank.

A business weekly, citing unnamed sources, reported last weekend that Maybank may buy between 10 per cent and 20 per cent of MCB Bank, which has assets of about PKR300 billion (RM15.23 billion)

It said the deal might be put on hold until Maybank's new chief executive officer, Datuk Abdul Wahid Omar, takes over in June.

An official spokesman from MCB Bank however told Dow Jones Newswires yesterday that the information in that report is incorrect and false. "We won't comment more on rumours," the spokesman said.

Maybank's share price swung between gains and losses of five sen yesterday, before closing flat at RM8.15 for the third consecutive trading day.