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MALAYSIA
CIMB eyes large stake in Thailand’s ACL bank

Malaysia's investment bank CIMB is keen to acquire a larger chunk of Thailand's ACL Bank if it succeeds in buying the 19.26 percent stake currently up for grabs, state media reported on Wednesday.

"We are not financial investors, we are strategic investors. Our intention is to grow that stake," Nazir Razak, CIMB chief executive was quoted saying by the official Bernama news agency.

"We wouldn't buy and just stick to the 20 percent," he said.

CIMB and China's top bank Industrial and Commercial Bank of China (ICBC) are vying to buy the 19.26 percent stake held by Bangkok Bank, the Thai Finance Ministry announced last month.

The ministry owns 30.61 percent of ACL Bank and CIMB is also interested to take over that holding, Nazir said.

"We would want to look at buying the ministry's stake over time, whenever they are ready to sell it," he said.

Full story on http://www.channelnewsasia.com/stories/

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