News – Latest CIMB buy is Bank of Commerce in the Philippines

If CIMB CEO comparing CIMB expansion to all of ASEAN like the expansion of Santander (www.santander.co.uk) throughout Europe, then see what happen afterwards when all those expansion went back to bit you in the arse (http://www.zerohedge.com/news/eur-soars-no-news-banco-santander-uk-says-30-visiting-customers-pulled-their-deposits-today).

 

“CIMB has a Malaysian legacy, a large Malaysian shareholding and is currently only listed here but it is an Asean company already…,” groupchief executive Datuk Seri Nazir Razak tells StarBizWeek matter-of-factly.

“You look at Santander, they’ve grown aggressively in Europe via a merger and acquisition strategy, so there is no issue in terms of the regional model, it’s just new in this part of the region,” Nazir says, referring to the largest bank in the eurozone.

“And there is enough of us now already to prove that this works,” he adds.

CIMB’s foray into Asean started as far back as 2002 with the purchase of Indonesia’s PT Bank Niaga although technically, that purchase was made by Bumiputra-Commerce Holdings Bhd (then known as Commerce Asset Holding Bhd), the parent of Bumiputra-Commerce Bank (BCB).

 

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