KUALA LUMPUR: CIMB Group intends to buy more than 20% of Thailand's ACL Bank as part of its growth strategy in the South-East Asia region, chief executive officer Nazir Razak said.
CIMB together with China's Industrial and Commercial Bank of China Ltd have submitted similar bids for Bangkok Bank's 19.3% stake in ACL.
Nazir said CIMB was interested to buy the ACL stake.
"Our intention is to grow the stake over time," he told reporters after the launch of the CIMB "Dream, Deposit, Drive" campaign here Wednesday.
"We would like to have as much of ACL as we can," he said, adding that Thailand was part of the banking group's "South-East Asian agenda."
CIMB, Nazir said, was also interested to buy a majority stake in the bank held by Thailand's Finance Ministry. "We would want to look at buying the ministry's stake over time," he added.
On another note, Nazir said CIMB Group targeted to grow retail deposits for conventional and Islamic finance by 15% this year from RM26bil currently via the newly-launched campaign.Bangkok Bank eyes quick sale of ACL stake CIMB-Principal set to achieve RM19bil funds CIMB targets RM1b deposits for latest product
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