Member access

4-Traders Homepage  >  Shares  >  BURSA MALAYSIA  >  CIMB Group Holdings Bhd    CIMB   MYL1023OO000

SummaryNewsCalendarCompanyFinancialsConsensusRevisions 

CIMB Group Holdings Bhd : Malaysia's CIMB Group To Buy 60% Stake In Philippines' Bank Of Commerce For $288.4 Million

05/08/2012 | 04:35am US/Eastern
Recommend:
0

Malaysian lender CIMB Group Holdings Bhd (1023.KU) Tuesday said it has signed an agreement to buy a 60% stake in privately held Bank of Commerce for MYR881 million ($288.4 million) in cash, a deal that will give the Malaysian bank a foothold in the fast-growing Philippine market.

It will buy the stake from San Miguel Corp. (SMC.PH), a diversified Philippine conglomerate and other Bank of Commerce shareholders, CIMB, Malaysia' second largest lender by asset size, said in a statement.

The stake purchase price represents PHP181.25 for every share held in Bank of Commerce, CIMB said.

"As an Asean universal bank, this extension into the Philippines is a very natural one. I believe we are entering this market at the right time, with the right deal and right partner," CIMB Group Chief Executive Nazir Razak said in the statement.

-By Ankur Relia; Dow Jones Newswires; 603-2026-1233; ankur.relia@dowjones.com

Recommend :
0
React to this article
Latest news on CIMB GROUP HOLDINGS BHD
1h ago CIMB BHD : Niaga Reports Net Profit of Rp1.95 Trillion for the First Half of 201..
1h ago CIMB BHD : -Principal Asset Management Acquires Finansa Asset Management in Thai..
5d ago CIMB BHD : plans to acquire Finansa Asset
5d ago CIMB BHD : plans to acquire Finansa Asset
5d ago AmResearch keeps 'hold' on CIMB, RHBCap
6d ago AmResearch keeps 'hold' on CIMB, RHBCap
7d ago MOODY : assigns `AAA' to CIMB
7d ago MOODY : assigns `AAA' to CIMB
07/21 MOODY : assigns first-time A3 ratings to CIMB Group
07/20 CIMB BHD : MARC issues rating update on CIMB group entities on merger proposal
Advertisement
Dynamic quotes  
ON
| OFF