CIMB acquired 60 percent of Bank of Commerce of the Philippines for US$288 million.
The acquisition will be made by CIMB Bank at a price of PHP181.25 or US$4.279 per share and will be settled in cash.
"As an Asean universal bank, this extension to 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," CIMB Group Group Chief Executive Datuk Seri Nazir Tun Razak said.
CIMB Group has entered into conditional share purchase agreements with San Miguel Properties Inc, San Miguel Corporation Retirement Plan and various minority shareholders for the proposed acquisition.
The San Miguel Corporation Retirement Plan will remain the largest minority shareholder of BoC at 27 percent.
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