CIMB advances on plan to buy Philippines Bank Of Commerce
KUALA LUMPUR, May 9 — CIMB Group Holdings Bhd's share price advanced this morning as the market reacted positively to the group's plan to buy a 60 per cent stake in Philippines' Bank of Commerce (BOC) for RM881 million, cash.
As at 10.10am, CIMB gained five sen or 0.655 per cent to RM7.68 offering some excitement to the otherwise local bourse which was reeling from a dreary blue chip performance due to external woes.
BOC, an unlisted entity of San Miguel Corporation, is the 16th largest commercial bank in the Philippines by asset size with 122 branches, nationwide.
Meanwhile, the Malaysia's second largest banking group has also entered talks with the Royal Bank of Scotland to buy the latter's 50 per cent equity interest in RBS Morgan, one of the largest brokerage firms in Australia. — BERNAMA