CIMB scraps Philippine bank acquisition

The Malaysian bank is left with a gap in the Philippines after failing to agree on the final terms with San Miguel and the other sellers. CEO suggests it will look for other M&A opportunities.
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Nazir Razak: Looking for other opportunities
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<div style="text-align: left;"> Nazir Razak: Looking for other opportunities </div>

CIMB’s acquisition of a controlling stake in Bank of Commerce from San Miguel Corp and various minority shareholders has been scrapped after the parties failed to reach an agreement on new terms, according to a statement issued by CIMB.

The acquisition would have seen Malaysia-based CIMB buy a 60% stake in the Philippine lender at a total cost of Ps12.2 billion $277 million at today’s exchange rate. It was CIMB’s first move into the Philippines, which is the only Asean country where it still doesn’t have an on-the-ground presence.

When the deal was first announced in early May 2012, CIMB’s CEO,...

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