SUMMARY
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MANILA, Philippines – Malaysia’s CIMB has received approval from the Bangko Sentral ng Pilipinas (BSP) to buy a portion of San Miguel Corp.’s controlling stake in Bank of Commerce, bringing the deal closer to completion.
San Miguel announced the approval in a disclosure to the Philippine Stock Exchange on Friday, November 23. It attached a separate disclosure made by CIMB to Bursa Malaysia.
“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by January 2013,” CIMB said in its stock exchange filing.
San Miguel is selling a 60% stake in Bank of Commerce, the Philippines’ 16 largest lender, to CIMB, Malaysia’s second-largest.
The sale will bring down the diversified conglomerate’s stake in the banking unit to 27%.
The completion of the sale will mark CIMB’s entry into the local banking industry and allow San Miguel to focus on new, heavy industries such as power and infrastructure. – Rappler.com
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