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Business

Scraps plan to merge bank unit with Malaysia Building Society

KUALA LUMPUR (NewsRise) -- A proposal to merge one of Malaysia's smallest banks with a state-controlled financing firm has been scrapped after the companies failed to agree to the deal's terms.

     The proposed merger of Bank Muamalat Malaysia, a unit of conglomerate DRB-Hicom and Malaysia Building Society, which mostly offers home and personal loans, would have created a lender owning assets to the tune of about 60 billion ringgit ($14 billion), analysts say. 

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