CIMB buys San Miguel banking unit

Reading Time: 1 minute

CIMB Group Holdings Bhd, Malaysia’s second-largest banking company, is about to buy 58 per cent of Philippine’s Bank of Commerce, a subsidiary of San Miguel Corporation, Southeast Asia’s largest publicly listed food, beverage and packaging company.

The deal is valued at $350 million and was signed on May 8, the company said in an announcement posted on the Bursa Malaysia web site. The  purchase marks CIMB’s entry into the Philippine banking market and follows its acquisition in April of several Asian units of Royal Bank of Scotland. Bank of Commerce has operations in all Southeast Asian countries except Laos.

For San Miguel, the deal provides additional cash to fund other investments, including its acquisition last month of a minority stake worth around $500 million in flag carrier Philippine Airlines.

The stake sale still has to be approved by the Bangko Sentral ng Pilipinas (BSP), Bank Negara Malaysia (the Malaysian central bank) and relevant third parties.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 1 minute

CIMB Group Holdings Bhd, Malaysia’s second-largest banking company, is about to buy 58 per cent of Philippine’s Bank of Commerce, a subsidiary of San Miguel Corporation, Southeast Asia’s largest publicly listed food, beverage and packaging company.

Reading Time: 1 minute

CIMB Group Holdings Bhd, Malaysia’s second-largest banking company, is about to buy 58 per cent of Philippine’s Bank of Commerce, a subsidiary of San Miguel Corporation, Southeast Asia’s largest publicly listed food, beverage and packaging company.

The deal is valued at $350 million and was signed on May 8, the company said in an announcement posted on the Bursa Malaysia web site. The  purchase marks CIMB’s entry into the Philippine banking market and follows its acquisition in April of several Asian units of Royal Bank of Scotland. Bank of Commerce has operations in all Southeast Asian countries except Laos.

For San Miguel, the deal provides additional cash to fund other investments, including its acquisition last month of a minority stake worth around $500 million in flag carrier Philippine Airlines.

The stake sale still has to be approved by the Bangko Sentral ng Pilipinas (BSP), Bank Negara Malaysia (the Malaysian central bank) and relevant third parties.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid