CIMB Group Holdings Bhd, which received shareholders' nod to buy up to a 19.67% stake in Indonesia's PT Bank CIMB Niaga TBK, will step up to expand its services in Indonesia.
The group planned to improve various segments of its business in Indonesia. Initiatives include expanding its microfinance, autofinance, credit card, priority banking, investment banking and corporate banking businesses under CIMB Niaga.
They are in the process of negotiation with the relevant authorities on how to get listed in Jakarta.
At the EGM, its shareholders approved the group's proposal to acquire up to a 19.67% stake in PT Bank CIMB Niaga TBK from Khazanah Nasional Bhd for RM 1.94 billion.
The approved transaction would increase the group's ownership of CIMB Niaga from 78% to potentially 98%, while removing Khazanah's direct stake in the Indonesian subsidiary.
This deal gives CIMB more exposure to Indonesia, which is arguably the most attractive banking market in ASEAN.
The group expected an IPO launch in Bangkok by the end of 2010.
7 hours ago
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