Search

    NEWS
    RETAIL BANKING | Staff Reporter, Malaysia
    Published: 09 May 12
    1212 views


    CIMB buys Philippines’ Bank of Commerce

    CIMB Group Holdings Bhd., the largest company on Bursa Malaysia, has taken control of Bank of Commerce, an affiliate of San Miguel Corporation.

    CIMB bought a 60% stake in BankCom for US$288.4 million in cash. The buy-in give Malaysia’s second largest bank by assets a foothold in the rapidly-growing Philippine banking sector.

    CIMB Group Chief Executive Nazir Razak said CIMB bought the BankCom shares from San Miguel Properties Inc., San Miguel Corporation Retirement Plan and Q-Tech Alliance Holdings Inc. that collectively own 98.5% of the bank.

    After the stake purchase, San Miguel Corporation’s Retirement Plan will remain the largest minority shareholder in BankCom with a 27% stake.

    “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,” Razak said.

    Razak also noted that CIMB expects to complete the acquisition by the end of third quarter and expects the deal to contribute to earnings starting 2013.

    The deal to buy the majority stake in BankCom came a month after CIMB acquired part of Royal Bank of Scotland Group PLC’s cash equities and associated investment banking businesses in ASEAN as part of its plan to become a pan-Asian bank.

    CIMB is also in talks with RBS to acquire its 50% stake in Australia-based RBS Morgans.

    San Miguel Corporation is Southeast Asia's largest publicly listed food, beverage and packaging company with over 100 major facilities throughout the Asia-Pacific.



    Sign up for our newsletter

     

    Do you know more about this story? Contact us anonymously through this link.

    Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

    To get a media kit and information on advertising or sponsoring click here.

    Tags: CIMB Group Holdings Bhd, Bank of Commerce, San Miguel Corporation

    LATEST RETAIL BANKING JOBS »
    • No jobs posted on this category.
    PRINT ISSUE »

    Subscribe Now
    China moves from WMPs to AMPs

    117 views

    The yin and yang of Qianhai

    110 views

    Malaysian SMEs snub hedging products

    107 views

    MOST READ EXCLUSIVES

    13 most exclusive credit cards in Singapore

    13 most exclusive credit cards in Singapore

    Some of which you’ve probably not heard of.

    by KRISANA GALLEZO
    27 Aug 2014 | 123112 views
     

    11 craziest credit card purchases in Singapore

    11 craziest credit card purchases in Singapore

    Find out if each is worth the outlay.

    by KRISANA GALLEZO
    22 Sep 2014 | 43579 views

    Are Asian banks ready for organizational reshuffling to keep up with regulation shifts?

    Are Asian banks ready for organizational reshuffling to keep up with regulation shifts?

    Singapore banks are lauded for being very ready.

    by STAFF REPORTER
    16 Sep 2014 | 703 views
     

    How Asian banks are dealing with digital banking and social media capabilities

    How Asian banks are dealing with digital banking and social media capabilities

    Are all banks on the same level?.

    by STAFF REPORTER
    9 Sep 2014 | 703 views
    close Don't Show Again

    STAY INFORMED! Get our free weekly newsletter