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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