KUALA LUMPUR: CIMB Group intends to buy more than 20% of Thailand’s ACL Bank as part of its growth strategy in South-East Asia, chief executive officer Datuk 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 yesterday.
“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.
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