Malaysia CIMB: Got Philippine Central Bank OK to Buy Stake in Bank of Commerce
November 22 2012 - 6:13AM
Dow Jones News
By Abhrajit Gangopadhyay
KUALA LUMPUR--Malaysian lender CIMB Group Holdings Bhd.
(1023.KU) has received approval from Bangko Sentral ng Pilipinas
for its proposed purchase of 59.98% equity stake in Bank of
Commerce, the company said in a stock exchange filing Thursday.
"Barring any unforeseen circumstances, the proposed acquisition
is expected to be completed by January 2013," it said in the
statement.
The proposed acquisition is part of CIMB's broader push to
expand footprint in the Asean region.
In May, it had announced its stake purchase in Bank of Commerce
for 881 million ringgits (US$288 million) following a decision in
April to buy part of RBS's cash equities and its related investment
banking operations in Asia.
Write to Abhrajit Gangopadhyay at
abhrajit.gangopadhyay@dowjones.com
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