MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has given its go-signal to the planned entry of a Malaysian investor in Ang-led Bank of Commerce, a disclosure said.
“We are pleased to announce that the Monetary Board of the Bangko Sentral ng Pilipinas, the central bank of the Republic of the Philippines, had vide its letter dated Nov. 20, 2012 approved the proposed acquisition,” CIMB Bank Bhd. said in a disclosure in the Malaysian bourse.
A copy of the disclosure was included in San Miguel Corp.’s own statement released yesterday at the Philippine Stock Exchange. SMC owns Bank of Commerce through SMC Properties Inc. and SMC Retirement Plan.
With the BSP’s approval, CIMB may now complete its purchase of nearly 60-percent controlling stake at the Bank of Commerce announced last May. Bank Negara Malaysia, the Malaysian central bank, gave its own approval to the transaction two weeks ago.
“Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by January 2013,” CIMB’s disclosure said.
SMC and Bank of Commerce representatives could not be reached for comment.
CIMB is the second largest bank in Malaysia. It has presence in eight out of 10 nations comprising the Association of South East Asian Nations (ASEAN), save from Laos and Myanmar.
CIMB also has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, United States and United Kingdom. As of 2011, it has the largest branch network in ASEAN with 1,117 branches.
In May this year, Bank of Commerce signed a 58-percent sale purchase agreement with CIMB Bank, San Miguel Properties Inc., San Miguel Corp. Retirement Plan, Q Tech Alliance Holdings Inc. and various minority shareholders.
SMC Retirement Plan will remain Bank of Commerce’s largest minority shareholder with a 27-percent stake.
Bank of Commerce is currently the country’s 16th largest bank in terms of assets.