The units will be transferred to BOCHK.
Bank of China will sell its entire stake in its Malaysian and Thai subsidiaries for a total consideration of RM2 billion.
The move is part of the bank's ASEAN restructuring drive. The units—Bank of China (Malaysia) Berhad and Bank of China (Thai) Public Company Linuted—will be snapped up by BOC Hong Kong.
In a stock exchange filing, Bank of China said that the move will expand the business reach of BOCHK into the ASEAN region and allow the bank to seize opportunities from the "One Belt, One Road" inititative.
The proposed deal is not inter-conditional, and the completion of each transfer is subject to approvals from domestic and overseas regulatory authorities.
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