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

4-Traders Homepage  >  Equities  >  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

share with twitter share with LinkedIn share with facebook
share via e-mail
05/08/2012 | 10:35am CEST

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

share with twitter share with LinkedIn share with facebook
share via e-mail
React to this article
04/21 CIMB BHD : Maybank IB retains hold on CIMB
04/19 CIMB BHD : Nazir gets vote of confidence from CIMB shareholders
04/18DJCIMB Chairman Takes Leave of Absence
04/18 CIMB BHD : Malaysia PM's brother takes leave from bank post amid fund inquiry
04/18DJCIMB Chairman Takes Leave of Absence -- Update
04/18 CIMB BHD : Group Chairman Dato’ Sri Nazir Razak takes voluntary leave of a..
04/18DJCIMB BHD : Malaysia's CIMB Group Chairman Nazir Razak Has Taken Leave of Absence..
04/11 CIMB BHD : Bank wins 5 awards
04/01 CIMB BHD : sees uptrend in consumer banking
04/01 Potential re-rating for Syarikat Takaful
Income Statement Evolution
More Financials