Thursday, October 6, 2011

CIMB confirms interest in Bank of Commerce, Philippines

KUALA LUMPUR: CIMB Group Holdings Bhd said it is in discussions with San Miguel Corp. with regards to a possible acquisition of a stake in Bank of Commerce in the Philippines.

It said on Thursday, Oct 5 that 'these discussions are currently at an early stage and further announcements will be made in the event of any material developments'.

The statement was issued to confirm a wire report about CIMB Group's exploratory talks with San Miguel.

Bloomberg quoted San Miguel President Ramon Ang as saying in an interview in Manila that 'We're in talks'.

Ang was also quoted saying that CIMB is 'one of the biggest banks in Malaysia' and San Miguel plans to sell 'a portion' of the Philippine lender to the Malaysian company.

Last August, San Miguel agreed in August to acquire Exxon Mobil Corp.'s 65% stake in ESSO MALAYSIA BHD []. and said it may spend as much as US$1.2 billion upgrading Esso's oil refinery and renovating gasoline stations.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and the single largest shareholder of CIMB Thai in Thailand.

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