CIMB to buy majority stake in Bank of Commerce

09 May 2012

CIMB Group Holdings is planning to buy a majority stake in the Philippines’ Bank of Commerce and entered into share purchase agreements with San Miguel Properties, San Miguel Corporation Retirement Plan and other minority shareholders this week.

The Malaysian bank — which values Bank of Commerce at around 1.3 times book value — is buying 60% of the lender for Ps181.25 a share, which will cost CIMB around Ps12.2bn ($287.9m). The share purchase is being fully funded in cash.

CIMB wants to ensure that San ...

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