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ADCB to sell RHB stake to Abu Dhabi fund

Abu Dhabi Commercial Bank (ADCB) has announced it has won the approval of the Malaysian central bank to sell its stake in a Malaysian lender to Abu Dhabi's Aabar, Reuters has reported. "In connection with the bank's strategic review of its stake in RHB Capital ... the bank received approval from Bank Negra (the Malaysian central bank) to enter into negotiations with Aabar Investments regarding a potential sale transaction," ADCB said. The bank hired Goldman Sachs and BOA-Merrill Lynch as advisors on the transaction to sell its position in Malaysia's fifth-largest bank with a $7.3bn market value.