Goldman (GS) Hired by Abu Dhabi for Bank Stake Sale

Goldman Sachs (NYSE:GS) has been hired by Abu Dhabi Commercial Bank (ADCB) to sell the 25 percent stake it has in Malaysian bank RHB Capital (RHBC).

The stake of Abu Dhabi Commercial Bank in RHB Capital is valued at $1.4 billion, according to sources.

A 30 percent limit on foreign ownership in Malaysian banks has proved to be a stumbling block for foreign banks looking to expand in Malaysia through acquisitions.

Recently Malaysian Prime Minister Najib Razak said that he was ready to ease bank ownership rules and would consider allowing Australia & New Zealand Banking Group Ltd (ANZ) to double its stake in Malaysian lender AMMB Holdings (AMMB) to 49 percent.

As for the Goldman deal, ADCB said they could appoint a second adviser for the sale, although they haven't made that decision yet.

Goldman Sachs closed Friday at $157.97, down $1.94, or 1.21 percent.