CIMB Spends $290M For Stake In Philippine Bank

Law360, New York (May 8, 2012, 5:18 PM EDT) -- CIMB Group Holdings Bhd. will pay San Miguel Corp. almost $290 million for a 60 percent stake in the Philippine conglomerate's banking arm, CIMB — one of Malaysia's largest banks — announced Tuesday.

The deal for Bank of Commerce, valued at 12.2 billion Philippine pesos ($288.7 million), gives CIMB a total of 1,239 branches, which will make it the largest bank in Southeast Asia by footprint, according to the buyer.

The cash transaction, which prices Bank of Commerce shares at 181.25 pesos apiece, represents a 14...
To view the full article, register now.