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TPG Backs Out Of RHB Capital Bid

TPG has pulled out of a consortium that was seeking to make an offer for a 25% stake in Malaysian lender, RHB Capital.

TPG has pulled out of a consortium that was seeking to make an offer for a 25% stake in Malaysian lender, RHB Capital, Reuters reports. The U.S. private equity firm was partnering with Carlyle Group for the offer.

Abu Dhabi Commercial Bank is selling the stake, which is presently valued at $1.6 billion. Possible bidders for the stake also include Japan’s Sumitomo Mitsui Banking Group and other private equity consortiums.

Click here for the story from Reuters.

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