Mega bank merger plan hailed

Former finance minister Tun Daim Zainuddin expressed his support for the mega merger of CIMB Group Holdings, RHB Capital Bhd and Malaysia Building Society Bhd, saying when he was in office, he suggested that Malaysia only needs four banks. Banks need a large capital base to compete globally and this could be achieved through mergers, said Daim. Moreover, Daim said that he was confident that the Vision 2020 would be achieved, with proper planning and hard work. However, he said, a high income nation need not necessarily mean a developed nation. In order to become the latter, the country needs to prioritise quality education and technological advancements.