CIMB buys stake in San Miguel’s bank unit for RM881m
KUALA LUMPUR, May 8 − CIMB Group Holdings Bhd, Malaysia’s second largest lender by assets, said it will buy a 60 per cent stake in Philippine conglomerate San Miguel Corp’s Bank of Commerce for RM881 million.
CIMB CEO Nazir Razak said today the Malaysian lender will pay incash for the stake, which almost completes its aim to have a presence in every Southeast Asian country except for Laos.
The deal also comes a month after CIMB proposed to pay US$140 million (RM429.8 million) for some Asian units of Royal Bank of Scotland Plc.
CIMB has been in talks to buy a part of San Miguel’s unlisted banking subsidiary since October last year. Bank of Commerce ranks the 16th largest lender by asset in the Philippines with 121 branches.
Reuters, quoting San Miguel’s president Ramon Ang, reported earlier that the Philippine conglomerate will sign today a deal selling 60 per cent of Bank of Commerce to CIMB. − Reuters