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Mubadala Considers Selling Legacy Stake in RHB Bank

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Abu Dhabi-based Mubadala Investment Co. is reportedly considering whether to offload its 17.8% stake in RHB Bank Berhad, in what could be an end to the emirates’ decade-long relationship with Malaysia’s fourth largest lending institution. Mubadala is the second-largest shareholder in RHB behind the state-controlled Malaysian Employees’ Provident Fund (EPF), the largest provider of retirement benefits to private and non-pensionable public sector employees in the country, which owns 40.7%.

In 2017, merger plans were dropped between RHB Bank and AmBank Group over terms. RHB reported a 3.3% decline in net profits for the third quarter of 2017 compared to the same period last year, citing higher operating expenses and a modest increase in allowance for impairment, although the bank promised an improvement in its performance in 2018 as lending momentum in Malaysia’s banking sector appears to be picking up.

A Legacy Investment

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Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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