CIMB eyes stake in Thailand's ACL Bank

  • Business
  • Wednesday, 03 Oct 2007

MYT 4:51:53 PM

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. 

 CIMB :  [Stock Watch]  [NewsCIMB-OA :  [Stock WatchCIMB-OR :  [Stock Watch]

For latest Bursa Malaysia indices, charts and other information click here

Related Stories:Bangkok Bank eyes quick sale of ACL stake CIMB-Principal set to achieve RM19bil funds CIMB targets RM1b deposits for latest product 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

US says Vietnam's currency actions 'unreasonable' but holds off on tariffs
Top Glove reports Covid-19 outbreak at four factories
AmBank provides 6-month moratorium for flood victims
Principal Asset launches Next-G connectivity fund
CPO futures to trend lower on profit taking next week
WhatsApp to delay launch of update business features
US National Rifle Association files for bankruptcy
Oil drops over 2% on China lockdowns, U.S. stimulus concerns
Dollar finishes week stronger as US data hurts risk appetite
GLOBAL MARKETS-Data, lockdowns weigh on stocks

Stories You'll Enjoy