CIMB’s acquisition of a controlling stake in Bank of Commerce from San Miguel Corp and various minority shareholders has been scrapped after the parties failed to reach an agreement on new terms, according to a statement issued by CIMB. The acquisition would have seen Malaysia-based CIMB buy a 60% stake in the Philippine lender at a total cost of Ps12.2 billion $277 million at today’s exchange rate. It was CIMB’s first move into the Philippines, which is the only Asean country where it still doesn’t have an on-the-ground presence. When the deal was first announced in early May 2012, CIMB’s CEO,... ¬ Haymarket Media Limited. All rights reserved.
CIMB has decided against acquiring the controlling 60 % stake in the Philippine company , Bank of commerce , from San ##com holdings for $ 500 m , after the parties failed to reach an agreement on new terms ; it was to have marked the first time CIMB had launched a venture into the Philippines , where it still does not have an on - the - ground presence .