UPDATE 1-Malaysia's CIMB sees fewer banks in near term

(Reuters) - Malaysia, with nine local banking groups, wants its banks
to merge and become bigger as the government opens up its
financial sector to foreign lenders.




That number could shrink to as few as five lending groups
in the near future, CIMB Chief Executive Nazir Razak said.
CIMB, the operating arm of state-controlled financial group
Bumiputra-Commerce Holdings Bhd , acquired smaller
rival Southern Bank for $1.8 billion in May last year .


Read more at Reuters.com Mergers News