Member access

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

News SummaryMost relevantAll 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 | 05:35am 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;

5h ago CIMB BHD : Betting tips
1d ago CIMB BHD : Najib backs creation of Islamic mega bank
1d ago CIMB BHD : Najib all for creating Islamic mega bank
1d ago CIMB BHD : Malaysia's 3-way bank deal may need creative fix
2d ago CIMB BHD : Lascuaa, Que join world's best in CIMB Classic
4d ago CIMB BHD : Double-digit market share growth
4d ago CIMB BHD : Double-digit market share growth
6d ago CIMB-RHBCap-MBSB merger likely to go ahead
7d ago CIMB-RHBCap-MBSB merger likely to go ahead
10/23 'Victory' for Malaysia corporate governance complicates three-way merger plan..
Dynamic quotes