July 23, 2014 / 5:55 AM / in 3 years

Malaysia's CIMB eyes banking licences in Vietnam, Myanmar

BANGKOK, July 23 (Reuters) - CIMB Group Holdings Bhd , Malaysia’s second-largest lender, plans to seek banking licences in Vietnam and Myanmar as part of its drive to expand in fast-growing Southeast Asian markets.

CIMB, Southeast Asia’s fifth-largest bank by assets, is also keen to open a banking business in the Philippines and is studying regulations in the country, CIMB Group Chief Executive Nazir Razak told reporters on Wednesday.

He was in Bangkok to announce that CIMB-Principal Asset Management Co has signed a deal to acquire Finansa Asset Management Ltd in Thailand from Finansa Pcl for 225 million baht ($7.09 million).

Separately, CIMB Thai Bank said the bank aimed for loan growth of 15 percent this year, despite a 4 percent rise in the first half, on expectations of a recovery in lending demand in the second half as the political situation in Thailand stabilises. ($1 = 31.7500 Thai Baht) (Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Miral Fahmy)

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