SINGAPORE, Aug 8 (Reuters) - Malaysia's second-richest man Quek Leng Chan is weighing options for his stake in Hong Leong Bank Bhd (HLBB.KL), including a merger, two sources with knowledge of the matter said, in a move that could trigger wider consolidation in the sector. Conglomerate Hong Leong Financial Group Bhd (HLCB.KL), controlled by Quek, holds a 62% stake in Hong Leong Bank, the country's fourth-largest lender with a market value of $10 billion, according to Refinitiv data. 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. MINORITY STAKEThe sources cautioned there was no formal proposal underway for Hong Leong Bank and that Quek has not yet taken any decision on his next move. Quek bought Hong Leong Bank, which posted a record net profit in the year to June 2021, via Hong Leong Financial Group in 1994.

Source: Forbes August 08, 2022 20:31 UTC