CIMB Bank’s stake in BOC of Philippines expected by 1st Qtr
KUALA LUMPUR, Jan 12, 2012 -- CIMB Group Chief Executive, Datuk Seri Nazir Razak, said the negotiations between the bank and San Miguel Corp on the proposed acquisition of a stake in Bank Of Commerce (BOC) in the Philippines are expected to be concluded in the first quarter of this year.
"Talks are progressing well but no certainty in terms of price or percentage at this point in time," he told reporters after launching CIMB Bank BizLoyalty Programme for small and medium enterprise customers, here today.
Meanwhile, Nazir said CIMB Group would apply for a banking licence in Laos.
"We will be applying for a new licence in Laos, so that if the Philippine deal goes through, it will mean we will be in all countries in Asean," he said.
In October last year, CIMB Group has confirmed it was in discussions with San Miguel over possible acquisition of a stake in BOC.
In announcing it, the bank noted that the discussions were currently at an early stage and further announcements would be made in the event of any material developments.
San Miguel is the largest Philippine company by assets.
According to Bangko Sentral ng Pilipinas data, the BOC is Philippines' 16th largest lender with assets of 90.7 billion pesos (US$2.07 billion).
CIMB Group is Malaysia's second largest financial services provider and has presence in eight Asean nations.
In another development, Nazir confirmed talks that the bank's Thai unit, CIMB Thai Bank plc, would acquire TMB Bank, formally known as The Thai Military Bank.
"We are always looking at opportunities and we always said that in Thailand we are a little bit small. If there are interesting opportunities we would consider," he said, when asked whether CIMB Group would be interested in buying another bank in Thailand.