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Published: Monday April 2, 2012 MYT 1:19:00 PM
Updated: Monday April 2, 2012 MYT 2:18:29 PM

UPDATE: CIMB to make major announcement

PETALING JAYA: Trading in CIMB Group Holdings was halted from 2.30pm today pending a major announcement later this afternoon, the country's second largest bank by assets has told the stock exchange.

A banker close to the matter told Reuters that CIMB is slated to announce the final deal to buy Royal Bank of Scotland's (RBS) Asian business units.

CIMB is reportedly eyeing RBS' Hong Kong, India and Australian businesses to boost its investment banking presence in Asia, a crucial component in chief executive Datuk Seri Nazir Razak's ambitions to make CIMB a leading Asian financial services firm.

A significant portion of RBS' operations are in Hong Kong, Singapore, Australia and India. It has offices in 11 countries across the region, including China.

The news broke two weeks ago that RBS would close its equity capital market and corporate finance units in South Korea and cash equities businesses in Indonesia, South Korea and Singapore as these would not be transferred in the deal with CIMB.

At the break, CIMB was up 10 sen to RM7.79, with 8.16 million shares done.


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