Buys RBS Asia-Pacific Cash Equities, Investment Banking Business For GBP173.9 Million

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The FINANCIAL — CIMB Group Holdings Bhd, Malaysia's second largest bank by assets, said Monday it has acquired most of Royal Bank of Scotland Group PLC's cash equities and associated investment banking businesses in Asia Pacific for GBP173.9 million.

 

According to Borsa Italiana – London Stock Exchange Group, the acquisition will give CIMB Group new presence in Taiwan and Australia as well as enlarged operations in Hong Kong, India and China, CIMB Group said in a statement. The effective price to net tangible asset ratio of the transaction is about 0.98 time, it added.

"This is an excellent opportunity to complete the build-up of our capabilities in Asia Pacific markets and to do it quicker and less expensive than if we grew organically," said CIMB Group Chief Executive Nazir Razak.

 

 

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