Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

News SummaryMost relevantAll newsSector news 

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

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

React to this article
08/03 'Merger best option to grow fast'
08/03 Building talent through glc
08/02 CIMB BHD : Not in my backyard please, say Penangites
07/30 Malaysia Building Society, Bank Muamalat reported in merger talks
07/27 CIMB BHD : Launches Bumiputera Vendor Development Programme
07/23 CIMB BHD : keeps key targets despite income pressure
07/23 CIMB BHD : Group looking into candidates for Islamic bank CEO
07/23 PLANET PAYMENT : CIMB Bank and Planet Payment Launch Pay in Your Currency(R) in ..
07/22 CIMB BHD : 'CIMB set for challenging year'
07/22 CIMB BHD : Announces New Appointments to Board of Directors
Income Statement Evolution
More Financials