By Abhrajit Gangopadhyay
KUALA LUMPUR--Malaysian lender CIMB Group Holdings Bhd. (1023.KU) has received approval from Bangko Sentral ng Pilipinas for its proposed purchase of 59.98% equity stake in Bank of Commerce, the company said in a stock exchange filing Thursday.
"Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by January 2013," it said in the statement.
The proposed acquisition is part of CIMB's broader push to expand footprint in the Asean region.
In May, it had announced its stake purchase in Bank of Commerce for 881 million ringgits (US$288 million) following a decision in April to buy part of RBS's cash equities and its related investment banking operations in Asia.
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