San Miguel near final deal with CIMB on bank unit

Posted at 03/06/2012 11:33 AM | Updated as of 03/06/2012 4:39 PM

MANILA, Philippines - Conglomerate San Miguel Corp. is close to a deal to sell 60% of its banking unit to Malaysia's second largest lender CIMB Group, with the two agreeing on a final price, the chairman of Bank of Commerce said on Tuesday.

"I think it's nearing completion, it's almost there," Jose Pardo told Reuters. "It looks like they have agreed (on a price) already, but it hasn't been presented to the board yet."

"I hope in March at least we can put closure to the negotiations, it would do well for the institution. From what I hear, they want the maximum allowed, which is 60%."

CIMB had said in October it was in early talks to acquire a stake in Bank of Commerce from San Miguel group.