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CIMB shares up 9% on reports of axed merger

Kuala Lumpur, Malaysia
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Kuala Lumpur, Malaysia

Shares of CIMB Group Holdings were up 8.9 percent on Tuesday after local media reported that plans to merge the bank with two smaller lenders had been called off.

CIMB rose to 5.65 ringgit, its highest point since Dec. 3.

The merger with RHB Capital and Malaysia Building Society (MBSB) was expected to create a banking group with assets of about $190 billion.

RHB was up 1.7 percent and MBSB slid 4.6 percent, against a 0.1 percent increase in the broader index.