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Talks on BOC stake to concluded by Q1: Nazir
by hlk Thu 12 Jan 2012, 18:20
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
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
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