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MALAYSIA PRESS-CIMB not pursuing Philippine banks now-The Edge
July 31, 2014 / 12:56 AM / 3 years ago

MALAYSIA PRESS-CIMB not pursuing Philippine banks now-The Edge

KUALA LUMPUR, July 31 (Reuters) -

CIMB Group Holdings Bhd is not actively pursuing any banking acquisition in the Philippines at the moment as it is busy with a proposed mega merger at home, sources said, dismissing a news report that it is in talks with the Philippine Business Bank (PBB) and Al-Amanah Islamic Bank.

CIMB is currently in talks on a three-way merger with RHB Capital (RHBCap) and Malaysia Building Society Bhd (MBSB) to create Malaysia’s largest banking group that would also spawn a mega Islamic bank.

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MAS to fork out $12 mln in ex-gratia payment for staffs-The Edge

Beleaguered Malaysian Airline System Bhd (MAS) is expected to be burning up cash at an even faster rate as its management will likely be forking out a chunk of ex-gratia payment to its staff.

This cash outflow is on top of the losses it is already clocking up as a result of flight cancellations in the wake of the two aviation disasters that struck the national carrier.

“The management, in consultation with the government, has agreed to give RM2,000 ($630) in ex-gratia payment to all staff,” an industry source told The Edge Financial Daily, adding that the management has already made an announcement to that effect and that all staff can expect the payment as early as next month.

He said the amount is a small token of gratitude for their strong sense of duty during the carrier’s difficult times.

According to its latst financials, the airline has 19,577 staffs on its payroll. This means the airline would likely fork out an estimated RM39 million ($12.24 million) in cash.

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NOTE: Reuters has not verified this story and does not vouch for its accuracy.

$1 = 3.1870 Malaysian Ringgit

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