Bidding war would aid Abu Dhabi lender


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A potential bidding war for a Malaysian lender could be lucrative for Abu Dhabi Commercial Bank (ADCB).

RHB Capitalof Malaysia has received offers from two competing banks to merge. ADCB owns 25 per cent of RHB Capital and its holdings could increase in value if the competition heats up.

CIMB Group Holdings and Malayan Banking won central bank approval yesterday to begin separate merger talks on RHB Capital, triggering a battle to create South East Asia's largest lender. The banks have three months to complete the negotiations.

Maybank, Malaysia's largest lender, and CIMB, which is headed by Datuk Seri Nazir Raza, the Malaysian prime minister's brother, are aiming to strengthen their dominance as the country's central bank grants more licences to overseas lenders.

A merger of CIMB and RHB would produce a combined capitalisation of US$27.3 billion while Maybank could increase its market worth to $28.8bn. Singapore's DBS Group Holdings, valued at $27.7bn, is currently South East Asia's largest lender.

"With a potential merger between RHB and either Maybank or CIMB, ADCB may realise a higher exit price," said Jaap Meijer, an analyst at Alembic HC Securities in Dubai. "Both banks should be able to offer prices higher than current market value" for RHB.

On the Bursa Malaysia, RHB Capital shares rose to a 14-year high yesterday, up 8.4 per cent to 9.99 ringgit. ADCB rose 0.3 per cent to Dh2.92 and shares of the lender have added 7.3 per cent since the start of this week.

ADCB has appointed Goldman Sachs and Merrill Lynch to advise on an exit, Ala'a Eraiqat, the lender's chief executive, said in April.

A Malaysian newspaper, The Star, reported ADCB may sell its stake to Abu Dhabi Investment Council.

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Rating: 4/5

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UAE currency: the story behind the money in your pockets
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Australia squads

ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.

T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Race 3

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Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

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Rating: 3/5

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

DEADPOOL & WOLVERINE

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Director: Shawn Levy

Rating: 3/5

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The years Ramadan fell in May

1987

1954

1921

1888

ARSENAL IN 1977

Feb 05 Arsenal 0-0 Sunderland

Feb 12 Manchester City 1-0 Arsenal

Feb 15 Middlesbrough 3-0 Arsenal

Feb 19 Arsenal 2-3 West Ham

Feb 26 Middlesbrough 4-1 Arsenal (FA Cup)

Mar 01 Everton 2-1 Arsenal

Mar 05  Arsenal 1-4 ipswich

March 08 Arsenal 1-2 West Brom

Mar 12 QPR 2-1 Arsenal

Mar 23 Stoke 1-1 Arsenal

Apr 02  Arsenal 3-0 Leicester

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UAE currency: the story behind the money in your pockets
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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
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