BSP approves CIMB's investment in Bank of Commerce

Posted at 11/23/12 4:05 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas has approved Malaysia-based CIMB Group Holdings Berhad's acquisition of a 60% stake in the Bank of Commerce.

"We are pleased to announce that the Monetary Board of Bangko Sentral ng Pilipinas, the central bank of the Republic of the Philippines, had vide its letter dated 20 November 2012 approved the proposed acquisition," CIMB Group said in a disclosure to the Malaysian bourse.

"Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by January 2013," the firm added.

Last May, CIMB group and San Miguel Corp. signed a deal for the former's purchase of a controlling stake in Bank of Commerce.

Bank of Commerce is owned by San Miguel through San Miguel Properties, Inc. and San Miguel Retirement Fund.

Malaysia's central bank, Bank Negara Malaysia, earlier this month already approved of the transaction.

CIMB pursued the acquisition as it expands its foothold throughout the region.