CIMB takes over sibling

Malaysia''s premier investment bank to take over under-performing Bumiputera Commerce Bank, positioning itself for the next round of Malaysian bank mergers.

It was announced in Kuala Lumpur yesterday June 6 that the country's premier local investment-banking group CIMB will take over its affiliate, Bumiputera Commerce Bank BCB. Both CIMB and BCB are part of the Commerce Asset Holdings Berhad CAHB banking group, the second largest bank group in Malaysia by asset size.

The deal essentially sees the well performing CIMB take over the underperforming BCB through a series of sale and purchase agreements. Firstly CIMB will form a new company, which will buy all the assets and liabilities of CIMB as well as 100% of BCB.

The new company will pay for this by issuing new...

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