CIMB buys RBS businesses

CIMB agrees to buy certain RBS businesses in Asia-Pacific

The acquisition will cost CIMB a net $256 million and the bank says it expects 350 to 400 RBS staff to join its ranks, including more than 80 senior managers.
<div style="text-align: left;">
Nazir Razak, CEO of CIMB, says Asian companies need to rise to the occasion for this to become an Asian century (AFP)</div>
<div style="text-align: left;"> Nazir Razak, CEO of CIMB, says Asian companies need to rise to the occasion for this to become an Asian century (AFP)</div>

Royal Bank of Scotland and Malaysia’s CIMB Group yesterday said that they have reached an agreement that will see CIMB buy most of RBS’s cash equities, equity capital markets and corporate finance businesses in Asia-Pacific. The deal will propel CIMB into one of the largest regionally based investment banking franchises in Asia-Pacific and will enable RBS to exit these businesses at a limited cost.

According to a CIMB release, the bank will pay 173.9 million $278.4 million for the businesses, although RBS will also pay CIMB 13.8 million to cover the operational costs for the first year, resulting in a net payment for CIMB of about 160 million $256...

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