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   MYL1023OO000

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
08/29 CIMB BHD : Zafrul: CIMB Group’s NPL provision has peaked in 1HFY15
08/28DJCIMB BHD : Group Holdings First-Half Net Falls 40% to MYR1.22 Billion
08/26 CIMB BHD : Tops Malaysian Bonds and Equities, ASEAN Bonds and Global Sukuk Leagu..
08/25 CIMB BHD : retains top spot in Bloomberg?s bond league tables
08/22 AMMB BERHAD : CIMB Bank CEO quits
08/20 CIMB BHD : 'Need to diagnose headwinds'
08/19 AMMB BERHAD : records RM339.5m net profit in Q1
08/08 Govt firms' turnaround plan pays off
08/08 CIMB BHD : gets nod to open Vietnam branch
08/07DJCIMB BHD : Group Receives In-Principle Approval to Operate Subsidiary Bank in Vi..
Income Statement Evolution
More Financials