CIMB and Southern. It's a deal!

After five months of negotiating, CIMB Group's Bumiputra-Commerce Holding Berhad and Southern Bank say they will merge.

CIMB GroupÆs Bumiputra-Commerce Holdings Bhd. BCHB upped its offer for Southern Bank Bhd. to M$6.7 billion $1.8 billion on Wednesday March 15, after months of heated negotiations over MalaysiaÆs largest banking takeover.

BCHB, the nationÆs second-largest lender sweetened the deal to M$4.30 per share, up about 4% from an initial hostile offer of M$4.15.

CIMB Group and Southern Bank, which is the nationÆs second-smallest lender, jointly announced the proposed merger, saying they now have unanimous support from the...

To continue reading, please login or register for free

Click for more on: cimb | bchb | southern | bank | nazir | razak

Print Edition

FinanceAsia Print Edition