Sumitomo, consortium eye RHB stake

Sumitomo Mitsui Banking Corp and a private equity consortium are eyeing a 25% stake in RHB Capital Bhd.

Abu Dhabi Commercial Bank is selling the stake, valued at US$1.6bil, and first round bids were due on May 19, the sources said.

The consortium - Carlyle Group and TPG Capital - has hired an investment bank, while Sumitomo is close to appointing an adviser, the sources said yesterday.

Abu Dhabi Commercial Bank has hired Goldman Sachs and Bank of America-Merrill Lynch to run the auction. The stake gives access to a fastgrowing South-East Asian economy forecast to expand by 56% this year, driving demand for consumer loans and credit cards.