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.
In October last year, CIMB Group has confirmed that it was in discussions with San Miguel over possible acquisition of a stake in BOC.
In announcing it, the group 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 the 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. -- Bernama
In October last year, CIMB Group has confirmed that it was in discussions with San Miguel over possible acquisition of a stake in BOC.
In announcing it, the group 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 the 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. -- Bernama
