CIMB acquires RBS Asia-Pacific business

MANILA, Philippines - Malaysia’s CIMB Group will be purchasing the Asia-Pacific business, including Australia, of the Royal Bank of Scotland (RBS), including cash equities, equity capital markets, M&A and corporate finance divisions in the region. According to The Asian Banker (TAB), the most interesting part for CIMB are businesses in North Asia and Australia, where the Malaysian bank has a limited presence but is keen to expand as it pushes ahead with its plans to become a regional investment bank. TAB sources argue that the RBS business is a good fit for CIMB and one person noted that the two businesses combined would have ranked in the top 10 in ECM activity across Asia-Pacific last year and close to, if not inside, the top 10 in the brokerage of cash equities. In the Philippines, CIMB is acquiring majority stake in the Bank of Commerce.