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 .
CIMB has decided against acquiring the controlling 60% stake in the Philippine lender, Bank of Commerce, from San Miguel Corp for $277m, after the parties failed to reach an agreement on new terms; it was to have marked the first time CIMB had made a move into the Philippines, where it still does not have an on-the-ground presence.