Will CIMB finally break into Philippine banking?

According to recent reports, CIMB is to acquire a 60% stake in Bank of Commerce - but will it succeed?

Fitch Ratings: Alfred Chan, Director, Financial Institutions

The success of the takeover will be dependent on the pricing and CIMB's willingness to pay may be influenced by the strategic need to establish a commercial banking presence in the Philippines in view of CIMB Group's aspiration to be a leading player in South-East Asia. Nonetheless, there are also other considerations including the franchise and the state of health of Bank of Commerce.