Malaysia’s CIMB Buys RBS Asia Units For $277.3m

By webadmin on 06:56 pm Apr 02, 2012
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Kuala Lumpur. Malaysia’s No.2 lender CIMB Group Holdings said on Monday it is taking over some of the Asian units of Royal Bank of Scotland (RBS) for 849.4 million ringgit ($277.26 million) to boost its investment banking presence in the region.

CIMB said in a statement that the acquisitions from RBS will allow the fast growing Malaysian financial group to have new onshore presence in Taiwan and Australia as well as bigger operations in Hong Kong, India and China. The firm also said it expected 350 to 400 staff from the British lender to join the enlarged CIMB business and it planned to set up new operations in South Korea.

Reuters