KUALA LUMPUR, June 12 Malaysia's second largest
lender, CIMB Group Holdings Bhd, it was still in talks
to buy a 58 percent stake in San Miguel Corp's banking
unit, state news agency Bernama said on Tuesday, citing CIMB's
"We are still in negotiations with San Miguel on the
transaction. We are making progress and will make the
announcement at the right time," Bernama quoted Nazir Razak as
Nazir's comment comes a day after San Miguel's president,
Ramon Ang, said both parties had concluded a $300 million deal
that involved the Manila-based conglomomerate selling a
controlling stake in its unlisted Bank of Commerce unit to the
There has been a delay in closing the deal due to issues
related to the bank's IT infrastructure and property holdings.
Both companies are counting on the deal to close quickly.
For San Miguel the sale provides more funds to use for
acquisitions and expansion while CIMB gets a foothold in the
Philippines as part of its regional expansion.
(Reporting by Niluksi Koswanage; Editing by Greg Mahlich)