KUALA LUMPUR (Apr 2): CIMB Investment Bank (CIMB) is acquiring most of the Asia Pacific cash equities and associate investment banking of the Royal Bank of Scotland (RBS) for the sum of RM849.4 million, group CEO Datuk Seri Nazir Razak said on Monday.
The assets are valued at the effective price-to-book ratio is about 0.98 times.
Nazir said that the deal transforms CIMB into an Asian Pacific investment bank, and that the exercise will also see the merged businesses absorbing 350-400 RBS staff to join CIMB.
"Of the 94 senior staff from RBS offered, we have received 87% acceptance," said Nazir.
He said that there will also be management changes at CIMB investment Bank with the exercise.
Nazir also added that CIMB will also be applying a new stockbroking license for a new establishment in Korea, as RBS will not be selling its operations there.
The assets are valued at the effective price-to-book ratio is about 0.98 times.
Nazir said that the deal transforms CIMB into an Asian Pacific investment bank, and that the exercise will also see the merged businesses absorbing 350-400 RBS staff to join CIMB.
"Of the 94 senior staff from RBS offered, we have received 87% acceptance," said Nazir.
He said that there will also be management changes at CIMB investment Bank with the exercise.
Nazir also added that CIMB will also be applying a new stockbroking license for a new establishment in Korea, as RBS will not be selling its operations there.
